1. Short title This Act may be cited as the Securing All Livestock Equitably Act of 2018 or the SALE Act of 2018 . 2. Establishment of trust for benefit of unpaid cash sellers of livestock Title III of the Packers and Stockyards Act, 1921 ( 7 U.S.C. 201 et seq.), is amended by adding at the end the following: 318. Statutory trust established; dealer (a) Definition of cash sale In this section, the term cash sale means a sale in which the seller does not expressly extend credit to the buyer. (b) Establishment (1) In general Except as provided in paragraphs (2) and (3), all livestock purchased by a dealer in cash sales and all inventories of, or receivables or proceeds from, that livestock shall be held by the dealer in trust for the benefit of all unpaid cash sellers of that livestock until full payment has been received by those unpaid cash sellers. (2) Exemption This section shall not apply to a dealer the amount of average annual purchases of livestock of which does not exceed $250,000. (3) Waiver (A) In general A dealer and a cash seller may voluntarily waive the applicability of this section to the dealer and cash seller through a written agreement described in subparagraph (B) that is signed before any sale to which the written agreement applies takes place. (B) Written agreement A written agreement referred to in subparagraph (A) shall indicate whether the written agreement applies to— (i) 1 sale; (ii) all sales before a specific date