Equine Loan Agreements

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Second, it serves as a record of what has been agreed, so that it can help avoid any misunderstandings as soon as the credit is in effect and the problems are out of control. The use of a formal written document may seem unnecessary among friends, but it is in the interest of both parties, long-standing friendship and the horse. Loan agreements can be entered into in person or by a lawyer. However, we still recommend involving an impartial lawyer trained to ensure that all areas of darkness are covered. Horse owners may end up with a horse they grew up with but don`t want to sell. In these situations, credit can be the ideal solution, as it allows the owner to keep ultimate control of the horse`s future, while someone else takes care of the daily work and costs associated with the maintenance of the horse. 1. Name, size, color, sex, microchip number and horse or pony age, so the purpose of the loan is clear. 3. A simple statement that the owner is the rightful owner of the horse and has the right to authorize the horse`s loan. It is therefore essential to develop a loan agreement that is tailored to specific needs and should be signed before the start of the loan period. The British Horse Society (BHS) is strongly in favour of a loan agreement, whether you are a homeowner or a borrower.

In addition to the establishment of a legal contract and the protection of both parties in the law, the application of such an agreement has several additional advantages over an informal or oral agreement. The most common point of disagreement that a lender must take into account is a disagreement on what has been agreed as to who pays for what. For example, if there is a large veterinary bill and there is no insurance to cover that bill, there may be a dispute over who pays it. The borrower may be responsible for the vet`s bill, since they own the horse, but if it is the borrower who is the client of the veterinary practice concerned and the borrower has ordered the vet to visit the horse (which is most often the case since they have daily control of the horse`s maintenance), the veterinarian may be required to follow the borrower to pay the bill. 2. The contact information of the owner and the borrower, as well as confirmation that the parties will inform each other in the event of a change. You will find more information on the law of horses www.equinelawuk.co.uk The contents of the loan contract is for you personal and should reflect your wishes and plans for the future. However, the basic minimum to take into account is this: be sure to take into account all the factors before borrowing your horse, especially the ability of the horse, because well-being is of the utmost importance. Does your horse, for example, have a disease that requires specialized care, or is your horse older and going to a mate? Your horse will be out of your daily control, and there have been occasions when horses have been loaned to people considered trustworthy, but the horse unfortunately ends up in a neglected state. We always recommend asking for references for potential credit homes, looking at the loan at home, and then visiting your horse regularly to check their health and well-being.

In addition to examining the issue through the development of a specific loan contract, there are a number of practical steps that can be taken to minimize the risk of controversy at a later stage. For example, I always advise client advisors to rent their horse to take a series of detailed photos of the horse and make a video of the horse at work where possible. References for potential borrowers should also be needed to guarantee registration information about your horse`s destination.