Stallion syndications are contractual agreements where multiple parties combine their financial resources to purchase a stallion for breeding purposes. Each contributor or "owner" owns a "fractional interest" in the stallion, typically entitling them to one breeding right per breeding season. The farm or individual syndicating the stallion will generally retain multiple fractional interests. The arrangement provides for lowered costs and a more diverse breeding for the stallion.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A New Mexico Horse or Stallion Syndication Agreement is a legal contract established between multiple individuals, typically horse breeders or investors, to collaborate and jointly own a stallion or a group of horses for breeding and racing purposes. This agreement aims to minimize costs, share risks, and maximize the potential profitability of breeding and racing ventures. A typical New Mexico Horse or Stallion Syndication Agreement contains various essential clauses and provisions that outline the rights, responsibilities, and obligations of each syndicate member. These agreements may vary in structure and terms, but they generally encompass the following key elements: 1. Syndicate Ownership: The agreement defines the formation of the syndicate, outlining the names and contact information of all participants involved in the partnership. This section may also specify the syndicate's objectives and duration. 2. Stallion/Horse Details: The agreement identifies the specific stallion or horses being syndicated, providing details such as the breed, pedigree, age, registration information, and any performance records. In the case of multiple horses being syndicated, each horse's individual details may be listed. 3. Syndicate Shares: The agreement outlines the number of shares available for purchase within the syndicate and the cost per share. It also sets a maximum number of shares that any individual participant can acquire. 4. Syndicate Expenses: This section elucidates how the syndicate's expenses will be managed, including the payment of stud fees, training costs, medical expenses, insurance, transportation, and other expenditures related to horse breeding and racing. 5. Syndicate Income Distribution: The agreement establishes the method of income distribution among syndicate members, typically based on the percentage of shares owned by each member. It may also include provisions for accounting statements and regular financial reporting. 6. Breeding and Racing Decisions: The agreement outlines the decision-making process within the syndicate, such as voting rights on breeding decisions, race participation, and selection of trainers and jockeys. 7. Syndicate Dissolution or Modification: This section details the circumstances under which the syndicate may be dissolved or modified, including provisions for transferability of shares and buyout options. Different types or variations of the New Mexico Horse or Stallion Syndication Agreement may exist depending on factors such as the syndicate's structure, goals, and the complexity of the breeding and racing operations. Some possible types include Limited Liability Company (LLC) syndication, partnership syndication, or joint venture syndication. It is important to note that the contents and specific provisions of a New Mexico Horse or Stallion Syndication Agreement can vary depending on the agreements reached between the syndicate members or the requirements of the New Mexico Racing Commission, which oversees horse racing activities in the state. Therefore, it is advisable to consult legal professionals knowledgeable in equine law to draft and review such agreements to ensure compliance and protect the interests of all involved parties.A New Mexico Horse or Stallion Syndication Agreement is a legal contract established between multiple individuals, typically horse breeders or investors, to collaborate and jointly own a stallion or a group of horses for breeding and racing purposes. This agreement aims to minimize costs, share risks, and maximize the potential profitability of breeding and racing ventures. A typical New Mexico Horse or Stallion Syndication Agreement contains various essential clauses and provisions that outline the rights, responsibilities, and obligations of each syndicate member. These agreements may vary in structure and terms, but they generally encompass the following key elements: 1. Syndicate Ownership: The agreement defines the formation of the syndicate, outlining the names and contact information of all participants involved in the partnership. This section may also specify the syndicate's objectives and duration. 2. Stallion/Horse Details: The agreement identifies the specific stallion or horses being syndicated, providing details such as the breed, pedigree, age, registration information, and any performance records. In the case of multiple horses being syndicated, each horse's individual details may be listed. 3. Syndicate Shares: The agreement outlines the number of shares available for purchase within the syndicate and the cost per share. It also sets a maximum number of shares that any individual participant can acquire. 4. Syndicate Expenses: This section elucidates how the syndicate's expenses will be managed, including the payment of stud fees, training costs, medical expenses, insurance, transportation, and other expenditures related to horse breeding and racing. 5. Syndicate Income Distribution: The agreement establishes the method of income distribution among syndicate members, typically based on the percentage of shares owned by each member. It may also include provisions for accounting statements and regular financial reporting. 6. Breeding and Racing Decisions: The agreement outlines the decision-making process within the syndicate, such as voting rights on breeding decisions, race participation, and selection of trainers and jockeys. 7. Syndicate Dissolution or Modification: This section details the circumstances under which the syndicate may be dissolved or modified, including provisions for transferability of shares and buyout options. Different types or variations of the New Mexico Horse or Stallion Syndication Agreement may exist depending on factors such as the syndicate's structure, goals, and the complexity of the breeding and racing operations. Some possible types include Limited Liability Company (LLC) syndication, partnership syndication, or joint venture syndication. It is important to note that the contents and specific provisions of a New Mexico Horse or Stallion Syndication Agreement can vary depending on the agreements reached between the syndicate members or the requirements of the New Mexico Racing Commission, which oversees horse racing activities in the state. Therefore, it is advisable to consult legal professionals knowledgeable in equine law to draft and review such agreements to ensure compliance and protect the interests of all involved parties.
