Legal Question in Civil Litigation in New York

equine partnership

I sold my interest in a race horse to my (ex) partner. It was an installment sale. I went ahead and signed the registration papers over to him for the specific reason of allowing him to stake the horse without the staking company continuing to bill me as a partner. This is written into the cx of sale. He made 2/3 of the payments and has been in default since Feb of '08 for a balance of $10,000 still due. In the interim he is racing the horse and making money. Do I have any rights (like repossession,% of purse monies...) other then to simply sue for the balance on the contract or did I throw all of the other rights away when I signed over the horse in good faith? Thanks.


Asked on 7/15/08, 2:02 pm

4 Answers from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: equine partnership

Unless I read the contract and related papers it is unknown whether there is a security interest placed on the horse.

Unless the contract states otherwise, because you sold the horse, you would not be allowed a percentage of the purse subsequent to the sale. You are entitled to the remainder amount owed under the contract.

Mike.

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Answered on 7/15/08, 2:21 pm
Gary Moore Gary Moore Attorney At Law

Re: equine partnership

I would say that you are entitled to the $10,000. only.

Call me if you like.

Gary Moore, Esquire

Hackensack, New Jersey

www.garymooreattorneyatlaw.com

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Answered on 7/15/08, 3:42 pm
Mark S. Moroknek Kelly & Curtis, PLLC.

Re: equine partnership

This is one reason why attorneys should draft contracts. Was there a default clause that specified your rights in the event of a default?

It might be repossession, or it might be the funds plus a percent depending on what the court finds the intent of the parties to have beern.

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Answered on 7/15/08, 3:42 pm

Re: equine partnership

You do not draft contracts because you KNOW there will be a problem, but because you do not know. A contract should be suitable for the transaction. Read, read, read your contract. Does it cover default? If not, why not? (Did you get an attorney to help you? Find the right attorney for your needs, and they will SAVE, not cost you money! The trouble is finding the right attorney.) If nothing else, you can always sue, no matter what else the contract says (unless it says all disputes will be arbitrated that is). Sue him.

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Answered on 7/16/08, 12:39 am


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