3-1377. Sale of seized stock; disposition of proceeds; livestock custody trust fund
A. Livestock officers shall execute an order of sale made pursuant to this article and deliver a bill of sale to the purchaser, describing the livestock sold and the amount it sold for, and forward to the division a duplicate of the bill of sale. On delivery of the bill of sale, title to the livestock shall pass to the purchaser.
B. Immediately after the sale is made, or after release to the owner who pays the hauling charges and expenses of feed and care of such livestock, livestock officers shall remit the proceeds of the sale to the department, together with an itemized statement of the expense of the seizure and sale, which shall be paid as other claims.
C. The amount received by the department pursuant to this section and sections 3-1294, 3-1350, 3-1372, 3-1402, 3-1403 and 3-1721 shall be deposited in a special fund designated the livestock custody trust fund, which is established for the exclusive purpose of implementing, continuing and supporting the agricultural program established by this chapter. The director shall administer the fund as trustee. The state treasurer shall accept, separately account for and hold in trust any monies deposited in the state treasury, which are considered to be trust monies as defined in section 35-310 and which shall not be commingled with any other monies in the state treasury except for investment purposes. On notice from the director, the state treasurer shall invest and divest any trust fund monies deposited in the state treasury as provided by sections 35-313 and 35-314.03, and monies earned from investment shall be credited to the trust fund. The beneficiaries of the trust are the agricultural programs established by this chapter. The trust fund shall be used exclusively for the purposes of this chapter on the order of the director. The trust fund is exempt from the provisions of section 35-190 relating to lapsing of appropriations. Surplus monies, including any unexpended and unencumbered balance at the end of the fiscal year, do not revert to the state general fund.Section: Previous 3-1350 3-1371 3-1372 3-1373 3-1374 3-1375 3-1376 3-1377 3-1378 3-1379 3-1401 3-1402 3-1403 3-1404 3-1421 Next
Last modified: October 13, 2016