Hey guys, I need some help understanding the following. Any help is appreciated!
If you buy a horse, how do you find out if the horse has a lien on it?
What steps must you take to foreclose upon a horse if you have an agister’s lien on it under Kentucky law?
If two parties have a lien on the same horse and the borrower defaults, which party (or parties) will get paid from the proceeds of the sale of the horse?
well, really if the horse is in care of others it has a lien on it by Kentucky law, if an own falls in arrears 45 days the stable owner can exercise the lien (most states have similar law in place)
376.400 Lien of keeper of livery stable or agister for care of livestock – Sale of livestock cared for – Conditions. (1) Any owner or keeper of a livery stable or other business providing for the care of animals, and a person feeding, grazing, or caring for any animal for compensation, shall, except as provided in subsection (2) of this section, have a lien for one (1) year upon the animal placed in the stable, kennel, or similar facility, or put out to be fed or grazed by the owner, for his or her reasonable charges for keeping, caring for, feeding, and grazing the animal.
The general rule is that “first in time is first in right.” If equity demands it then the order of precedence might be altered. But a claim for such an alteration would have to pleaded and proven. That means litigation and that means real money. Unless you’re talking real money (or, perhaps, real ego) it would be an unlikely path.
When buying a horse always apply the Smell Test. If something doesn’t “smell right” it generally isn’t right. This is not a universally accurate test but it’s right a LOT more times than it’s wrong.
Or, put another way, apply Guillerme’s Test of Hippy Common Sense: If it feels good, do it; it if doesn’t, don’t do it.