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New Mexico | smart enough to get a wire in before the last ones went up the chute.
( CASH is thee ONLY true trust way to handle someone with a bunch of bad checks out....I don't care what "bad ole banker" story they say )
If everyone would go to PRE PAY ( CASH wires, ACH transfers ets ), then the cash is there before the fact of loadout, not after.
Not much different than when someone calls a co and buys a widget from 500 miles away....
"OK the cost is X, and we'll ship when your check clears, or you can transfer "electric" money now and we'll ship your widget later today or 1st thing tommorrow."
99.9999% of everything bought and sold long distance in the usa is handled in the afore manner.
NO good reason for cattle or anything else in agri to not handle transactions the SAFE way for the good of everyone really.
Problem with the supposed "big dogs" is that once the cattle are loaded....they basically dissappear down a long and cluttered road.
If a small operator, more local gets in a jam...( say the operator and their banker were not on the same page ) one can go visit the banker...or even though a pain, go and get the cattle back too.
MOST sale barns use custodial accounts.
NO real reason the large end buyers do not simply wire in the average amounts of their expected purchase BEFORE the sale. ( then balance up after...or simply roll an excess to next week"s buys ).
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Indiana Cattle Broker bouncing checks
