Regulatory Alerts1994-01-01
Exclusion of Livestock from Classification
Bank Commissioner Frank D. Dunnick issued Memo 1994-29 to establish immediate guidelines for excluding livestock from classification when properly perfected by a UCC-1 and supported by current inspections. The memo updates inspection frequency requirements to every 90 days for frequently traded cattle and every six months for all other cattle, replacing the previous annual standard for non-frequent traders. This policy aims to blanket exclude qualifying livestock from classification, with examiners instructed to deduct accrued interest and outstanding feed and vet bills from the livestock value.
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