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Selling a horse for $1?

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  • Selling a horse for $1?

    Why is it when people pick up a free horse it is advised to get a bill of sale for $1? I understand the bill of sale, but why not make it for $0? Will it void the contract somehow if it were to go to court?

    I'm not in a situation buying or selling a free horse, I'm just curious because I see it recommended when people post about free horses.
    Thanks!

  • #2
    Money traded hands to complete the deal. It just takes out any if, ands and buts that can crop up with a free transaction.
    Sometimes I just think funny things - Dudley Moore in Arthur
    Come join us at - TheMuckBucket

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    • #3
      the symbolic dollar.

      it's the same with equipment you have in your business, that has been depriciated over time, the 1$ is the magic mark to keep it on the books.

      Not sure why the bill of sale has to have the value on it, but I am certainly not one to argue over a buck.
      BTW, it's the same on the other side of the continent: the free horse is often sold for that one Mark or Euro....
      Originally posted by BigMama1
      Facts don't have versions. If they do, they are opinions
      GNU Terry Prachett

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      • Original Poster

        #4
        Thanks. I wasn't sure why so I figured I'd just go ahead and ask.

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        • #5
          Oh yea. I sold my 3rd level gelding for $1.00 just to keep him out of a divorce settlement. Walked over to the X's table and handed his lawyer $0.50. LOL! It's little sh*t like that that can keep you snickering for years.

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          • #6
            I just bought a dog for $1, just to prove ownership.

            best damn dollar I've spent in a while
            I'm not sure if I grew out of stupid or ran out of brave.

            Practicing Member of the Not too Klassy for Boxed Wine Clique

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            • #7
              "Selling" for $1 protects both parties as it is then a sale and not a gift. Legally, it's called "consideration."

              My horse's girlfriend cost me $1 in June. Bill of sale and all. So seller is protected, and we own Hattie, who was for sale at 8500 and then 4500. The legal system is complex and confusing, but if you buy a horse for $1 your are in a better legal position than if you accept it as a gift. also, if Hattie ever dumps Cloudy for a younger horse, I cannot send her back to her former owner.

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              • #8
                Law is a complex thing, so it does help simplify matters as it is clearly a sale. But a lot of the advice you get on COTH about sales is not accurate according to my FIL who is a lawyer and I've discussed some sketchy contracts with. For example, depending on your location you have to be super careful about things like free leases and have a very explicit contract and regular contact as otherwise they can claim abandonment. In my area if you feed an animal for a month without payment or a contract specifying otherwise, it is essentially yours--all you have to do is file some paperwork in the case of livestock, and you don't have to do anything for companion animals. I actually don't do free leases anymore, I have a lease fee of $5/month (that I just happen to not collect ).

                Of course laws vary from state to state and of course from country to country, so I'm just telling you what my FIL who officially can practice law in two states (but only really keeps up with things in one) has told me. YMMV.

                Originally posted by kaluha2 View Post
                Oh yea. I sold my 3rd level gelding for $1.00 just to keep him out of a divorce settlement. Walked over to the X's table and handed his lawyer $0.50. LOL! It's little sh*t like that that can keep you snickering for years.
                That can be considered "hiding assets" and get you in a lot of hot water. I know this because I was asked to do it once for a pretty nice Arab show horse and I called my FIL about it. Let's just say I got a lecture about how I should never ever ever ever take part in any such deal, especially not if I know it's because of a legal battle.

                Don't get me wrong, though, I can totally understand your feelings about it and I'd be snickering myself. I just want to point that out because deals like that don't seem terribly uncommon in the horse world and it can get folks in a lot of trouble if the ex wants to contest it.
                exploring the relationship between horse and human

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                • #9
                  In my mind the $1 makes it an actual sale rather than a giveaway. Bills of Sale do not HAVE to have a purchase price on them--I have a couple that don't. I do however have one that has $1 listed as the purchase price. I paid four quarters to be exact
                  Originally posted by EquineImagined
                  My subconscious is a wretched insufferable beotch.

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                  • #10
                    Originally posted by Herbie19 View Post
                    In my mind the $1 makes it an actual sale rather than a giveaway. Bills of Sale do not HAVE to have a purchase price on them--I have a couple that don't. I do however have one that has $1 listed as the purchase price. I paid four quarters to be exact
                    So there is an actually chance I can take my collection of state quarters and by a horse for all those Delaware, Kentucky and Nevada coins (Got a few Wyoming ones, too)?


                    Originally posted by BigMama1
                    Facts don't have versions. If they do, they are opinions
                    GNU Terry Prachett

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                    • #11
                      Hahaha, hiding assets!

                      He was the one that needed to worry as he was hiding 100's of thousands of dollar in the Camen Islands so my lawyer was working fast and furiously for disclosure not to mention the accounts he cleared out.

                      He and his lawyer were so busy trying to cover his ass that my gelding was considered small potatoes. No, eventhough he would have liked to contest it, his lawyer a very wise man, told him basically that he had better clam up because of the assets he was hiding.

                      Ya know the old saying---love is a many splendored thang.

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                      • #12
                        The $1 "sale" also protects the seller. If anybody gets hurt around Dobbin in the future, the seller has proof that Dobbin no longer belongs to him, so he is not liable for any damage or injury caused by Dobbin.

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                        • #13
                          Originally posted by kaluha2 View Post
                          Hahaha, hiding assets!

                          He was the one that needed to worry as he was hiding 100's of thousands of dollar in the Camen Islands so my lawyer was working fast and furiously for disclosure not to mention the accounts he cleared out.

                          He and his lawyer were so busy trying to cover his ass that my gelding was considered small potatoes. No, eventhough he would have liked to contest it, his lawyer a very wise man, told him basically that he had better clam up because of the assets he was hiding.

                          Ya know the old saying---love is a many splendored thang.
                          Hey, like I said, not trying to comment on your particular situation and I definitely know the feeling! I just thought your first post made it seem like that was totally legal and okay, when in fact people can get into a lot of trouble for it in some situations. Maybe I'm jaded from seeing that kind of advice ("Divorcing/filing bankruptcy? Sell all your horses to friends for $1 even if they actually are a $30k show horse!") posted on horse BBs pretty frequently.

                          I've seen a few nasty divorces and rarely is everyone 100% above-board in their dealings (if they were, it wouldn't be a nasty divorce!) so I really am not blaming you, just speaking generally.
                          exploring the relationship between horse and human

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                          • #14
                            It's entirely possible to write a contract that's just as valid as a bill of sale for something that's given away. (I have posted an example on here before.) But sales are easier for people who've never dealt with deeds of gift to understand.
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                            • #15
                              A contract requires an offer, acceptance and valuable consideration. The dollar is the consideration. It's the simplist way to ensure that no one comes back later and claims that the horse was a gift or on loan or otherwise does not belong to the buyer. This, as someone said earlier, can protect both parties.

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                              • #16
                                I understood you the first time Cos. I just love telling everyone about what an ass he was.

                                But I know what you were saying and not advocating anyone doing what I did. Oh hell no. Get him good BEFORE you get to court. I can't get my smiley to work. LOL!

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                                • #17
                                  Curious. For the first time this year, I took a racing TB on as a "gift". I'd never done it before, as most horses I take on a deal either we write it out on the bill of sale the terms ($ from a win, etc), but this horse was an unusual case and we had terms outside the transfer so the signed, witnessed and transfered paperwork says "gift". I actually see it as making more sense than claiming the horse was bought for a dollar on paper, because this horse in particular has greater worth than a dollar. Like I said, the terms were just more complex than worth putting on paper and the other owner and I have significant history. Horse is mine, obligations were verbal, but I have already fulfilled them. Hmmm.

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                                  • #18
                                    Originally posted by kaluha2 View Post
                                    I understood you the first time Cos. I just love telling everyone about what an ass he was.

                                    But I know what you were saying and not advocating anyone doing what I did. Oh hell no. Get him good BEFORE you get to court. I can't get my smiley to work. LOL!
                                    What was that line from Ivana Trump in some movie.. "Ladies, don't get mad.. Get Everything" ? I laugh at that lol.
                                    "Sadly, some people's greatest skill, is being an idiot". (facebook profile pic I saw).

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                                    • #19
                                      Originally posted by smokygirl View Post
                                      What was that line from Ivana Trump in some movie.. "Ladies, don't get mad.. Get Everything" ? I laugh at that lol.
                                      First Wives' Club.

                                      In which one of the wives (Goldie Hawn?) sold all the couple's possessions for $1 and gave her husband 50 cents.

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                                      • #20
                                        Originally posted by kaluha2 View Post
                                        I understood you the first time Cos. I just love telling everyone about what an ass he was.

                                        But I know what you were saying and not advocating anyone doing what I did. Oh hell no. Get him good BEFORE you get to court. I can't get my smiley to work. LOL!
                                        I gotcha! I could tell you some stories of when I disregarded my FIL's advice... Glad it worked out for you, if he was hiding accounts in the Caimans sounds like he more than deserved it!
                                        exploring the relationship between horse and human

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