; dealer (a) Establishment (1) In general All livestock purchased by a dealer in cash sales and all inventories of, or receivables or proceeds from, such livestock shall be held by such dealer in trust for the benefit of all unpaid cash sellers of such livestock until full payment has been received by such unpaid cash sellers. (2) Exemption Any dealer whose average annual purchases of livestock do not exceed $100,000 shall be exempt from the provisions of this section. (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. (b) Preservation of trust An unpaid cash seller shall lose the benefit of a trust under subsection (a) if the unpaid cash seller has not preserved the trust by giving written notice to the dealer involved and filing such notice with the Secretary— (1) within 30 days of the final date for making a payment under section 409 in the event that a payment instrument has not been received; or (2) within 15 business days after the date on which the seller receives notice that the payment instrument promptly presented for payment has been dishonored. (c) Notice to lien holders When a dealer receives notice under subsection (b) of the unpaid cash seller’s intent to preserve the benefits of the trust, the dealer shall, within 15 business days, give notice to all persons who have recorded a security interest in, or lien on, the livestock held in such trust. (d) Cash Sales Defined For the purpose of this section, a cash sale means a sale in which the seller does not expressly extend credit to the buyer. (e) Purchase of livestock subject to trust (1) In general A person purchasing livestock subject to a dealer trust shall receive good title to the livestock if the person receives the livestock— (A) in exchange for payment of new value