1. Short title This Act may be cited as the Securing All Livestock Equitably Act of 2020 or the SALE Act of 2020 . 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 paragraph (2), 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 $100,000. (3) Effect of dishonored instruments For purposes of determining full payment under paragraph (1), a payment to an unpaid cash seller shall not be considered to have been made if the unpaid cash seller receives a payment instrument that is dishonored. (c) Preservation of trust An unpaid cash seller shall lose the benefit of a trust under subsection (b) if the unpaid cash seller has not preserved the trust by— (1) providing a written notice to the applicable dealer of the intent of the unpaid cash seller to preserve the benefits of the trust; and (2) filing that notice with the Secretary— (A) not later than 30 days after the final date for making a payment under section 409 in the event that a payment instrument has not been received