Section 431.1080. Licensure of partnerships.

(1) If more than 4 persons own interests in a single horse through a partnership,  the  horse  may be  leased    for  racing  purposes pursuant to R 431.1070.

(2)   Each member of a partnership licensed to race under these rules shall be licensed individually.

(3)   A partnership shall be registered with the commissioner. Partnership papers shall include all of the following information:

(a)   The name and address of every person who has an interest in the horse or horses involved.

(b)   The relative proportions of such interests.

(c)   To whom the winnings are payable.

(d)  In whose name the horse or horses shall compete.

(e)   Who has the power to enter the horse or horses in races  or   to withdraw the horse or horses from races.

(f)  The terms of any contingency, lease, or other arrangements.

(g)   The name or names of the horse or horses involved.

(4)   Any partner transacting business on behalf of a partnership shall own an interest in the partnership which is not less than the interest owned by any other partner.

(5)    All partnership papers shall be signed by all of the parties or by their authorized agent.

(6)  Any alteration in a recorded partnership agreement shall necessitate application for a new partnership agreement.

(7)   All the parties in a partnership shall be jointly and severally liable for all arrears.

(8)   The part owner of a horse may assign his or her share or any part of it with the written consent of the other partners. The   consent  shall  be filed with the stewards.

(9)    A partner may claim for the partnership, unless otherwise stated in the partnership agreement.

History: 1985 AACS.