Written by attorneys · grounded in primary & secondary sources — see below
An article of collateral consisting of livestock, born or unborn, including aquatic goods produced in aquacultural operations.
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Lars Lindstrom operates a dairy ranch and borrows from Liberty Trust to purchase additional breeding stock. The loan agreement lists the cattle, including calves expected later that year, as collateral. Liberty Trust perfects its interest by filing a financing statement that describes the livestock. When Lindstrom defaults, the bank may enforce its security interest against both the born and unborn animals under the definition of livestock.
Lumen Capital finances Logan Lane's purchase of new breeding bulls and perfects its purchase-money security interest within twenty days of delivery. A prior lender holds a perfected security interest in all of Lane's farm assets. Because the collateral consists of livestock rather than ordinary goods, Lumen Capital cannot rely on the twenty-day grace period for priority and must instead satisfy the notification requirements specific to livestock.
Luke Latham owns a herd of cattle on land he purchased after emancipation. A neighboring landowner claims the cattle as part of an old servitude restricting use of the property. The court treats the cattle as personal property separate from the real estate, allowing Latham to remove them despite the servitude claim.
Lucas Lee steals several head of cattle from a neighboring ranch. State law classifies theft of livestock as grand larceny regardless of value. Lee is convicted of the felony and sentenced under the enhanced penalty provision that applies specifically because the property taken was livestock.
Loyal Insurance contributes to a state program that assesses fees on cattle sales to fund promotional campaigns. Ranchers challenge the assessments as compelled speech. The court upholds the program because the government controls the message and the fees support speech by the government itself rather than private parties.
Linden Logistics donates a monument featuring ranching imagery including livestock to a city park. A religious group seeks to add its own display. The city refuses, asserting control over its own speech in the park. The court holds that the monument constitutes government speech, allowing the city to select which displays to accept.
Yes. The definition expressly covers livestock born or unborn, allowing a security interest to attach to animals not yet delivered.
Supporting sources
Livestock receives its own priority rules under subsection (d) that require additional notification to conflicting secured parties within six months before the debtor receives possession.
Supporting sources
Services such as boarding or feeding livestock can give rise to an agricultural lien when payment is tied to sale proceeds, because the animals qualify as livestock under the UCC definition.
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…sow winter wheat in the fall, and after harvesting it in July to sell a portion of the crop, to feed part of it to poultry and livestock on the farm, to use some in making flour for home consumption, and to keep the remainder for seeding future crops. The Secretary of Agriculture assessed a penalty against him under the…