Dual Agency Bill Signed by Kentucky Governor
Updated: Tuesday, March 28, 2006 3:08 PM
Posted: Tuesday, March 28, 2006 3:08 PM
Legislation designed to protect horse buyers and to prevent dual agency in the sale of horses in Kentucky was singed into law March 28 by Kentucky Gov. Ernie Fletcher.
The new law requires, among other things, a bill of sale, as well as provides for treble damages and attorneys fees for an agent's receipt of an undisclosed commission in violation of their duties as an agent on all horse transactions except pleasure and work horses and show horses under $10,000.
Under the legislation, any sale, purchase, or transfer of a horse used for racing, breeding, and showing purposes must be accompanied by a written bill of sale or acknowledgment of purchase, complete with the purchase price. It must be signed by the buyer and seller or their authorized agent.
The bill says it's unlawful for anyone to act as agent for both buyer and purchaser in a transaction without the prior knowledge and written consent of the buyer and seller.
Jess Jackson, a California Thoroughbred owner/breeder and wine magnate who filed a lawsuit alleging fraud in equine transactions, lobbied for the Kentucky legislation. California, where Jackson's suit was filed, has similar legislation.
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