OBLIGATIONS OF PARTIES

Evening Post, Volume CXXVII, Issue 111, 13 May 1939, Page 22

OBLIGATIONS OF PARTIES

It is common knowledge that horses 2re often bracketed on the totalisator when, as far as the race book shows, they are owned by different persons. The reason is the existence of what is known under racing rules as a joint interest in respect of the horses so bracketed. The rule as to bracketing enjoins, the coupling on the totalisatcr in particular races of three classes of horses, namely: 1. All horses owned by the same person. 2. Every horse in which a joint interest exists. 3. Horses in which a husband and a wife have separate interests. An exception is provided in the case of horses leased, either as foals or yearlings, from their breeder for the whole of their racing career, and which, during the term of the leace, are nominated in the name of the lessee. In order to bring this exception into operation the direction of the president of the Racing Conference in writing is required. CREATION OF INTERESTS. A joint interest, as it applies to racing, is constituted by (a) Every partnership in the running or stake-earnings of a horse two years ">ld or over. In this connection an agreement under which, a trainer receives up to 10 per cent, of a horse's winnings, which is general with most public trainers, is not treated as a joint interest, but any share above 10 per cent. is. (b) Every lease of a horse of two years or over, and every instrument by way of security given over such a horse. (c) Every sale of a horse of two years or over subject to a r-o-^tin-gency, the most common contingency being that part of the purchase- price shall be deferred till the horse wins one or more races. (d) Every sale or lease of a horse while a contingency in respect of a first sale remains in force after that further sale or lease. Every joint interest in a horse must, under the Rules of Racing, be registered before the horse is entered for or starts in any race. The penalty for not doing so is liable to be heavy, and in recent years such penalties have extended to disqualification of the parties for up to twelve months. There is a special registration form that may be secured from any racing club secretary or from the Racing Conference. When the required particulars are entered on the form and all parties interested or their agents have signed the form it has to be deposited with the Racing Conference, accompanied by a small fee. The president of the Conference may refuse to accept the form and its particulars, or may require further verification of the particulars. The joint interest is deemed to be registered when accepted by the president. The rules also provide for provisional registration of a joint interest with a racing club secretary wher such interest has been created within fourteen days of the date of entry for a race or races in which it is intended that a horse shall compete. The full registration is completed later. During its currency, the registration of a joint interest has to be continuously notified in the Official Calendar. Unless sooner withdrawn or cancelled (details of doing which are set out under the rules), the registration of every joint interest expires on the termination of the joint interest, and if no special date is giyen the date is the July 31 next following the date of registration. THEIR TERMINATION. The fact that a joint interest ceases to be registered does not necessarily terminate the joint interest, which might have to be re-registered if it is intended to race the horse.further. The ioint interest, however, is terminated by the fulfilment, of any special condition, by the expiration of the period in respect of which it was created, or by action of all the parties concerned. Unless otherwise specified the joint interest is deemed to expire at 10 p.m. on the terminal day. . Notice of the termination of a joint interest has to be given in writing by all parties, except in cases when the interest terminates by effluxion oi time on a specified date, or when the notice of a single party is .sufficient to satisfy the president that the joint interest has actually been terminated. There is sometimes delay m notifying the termination of a joint interest, and this occasionally leads to complications, as the Racing Conference will not accept any change of ownership till all the formalities have been completed, and so a purchaser.of a horse over whora there has previously been a joint interest might find himself unable for a short time to race a horse, because he cannot have the title re-j quired under the rules transferred immediately to him. - Another point that all parties to a ioint interest should studiously keep in mind is the necessity of notifying; such ioint interests to club secretaries when nominating horses, or as quickly as possible after observing that there is a common interest affecting two or more horses in any particular race. It sometimes happens that horses are not bracketed in race books because ol neglect to notify joint interests, and when this error is discovered (it rarely escapes notice) the parties who have been responsible are fined, often quite substantially, by the stewards of the club. If the joint interest is created after entry or acceptance for any race the club must be immediately advised, otherwise the parties will be held to have committed a breach of the rules and so are again liable to be fined.