(1) DEFINITION. In this section, “livestock” means swine, cattle, poultry, sheep, goats or farm-raised deer, as defined in s. 95.001 (1) (ag). (2) REQUIRED CONTRACT TERMS. Every written contract under which livestock owned by one party is possessed by another party for breeding, feeding or the production of animal products shall set forth, in clear language, the manner in which any payments received because of the destruction of the livestock due to disease, fire or other unanticipated cause shall be divided between the party owning the livestock and the party possessing the livestock. (3) RESPONSIBLE PARTY. The party who drafts or otherwise provides the text of a written contract described in sub. (2) is responsible for including language that fulfills the requirement of sub. (2). (4) RESOLUTION OF DISPUTES. If a written contract described in sub. (2) does not include language that fulfills the requirement of sub. (2) and one of the parties to the contract begins an action claiming an interest in payments received because of the destruction of livestock, the court shall divide the payments among the parties in an equitable manner.
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