PART 4 - SELLING RACES AND CLAIMING RACES - (F)47 to (F)65
50. The sale transaction
50.1 A sale by auction of the winner of a Selling Race is made subject to the following terms
- 50.1.1 in the event of a cheque or other negotiable instrument tendered in payment being dishonoured on presentation, the Authority may declare the sale null and void,
50.1.2 the effect of such a declaration is to rescind the sale with immediate effect (without prejudice to any claim or rights in law any Person may have against the auctioneer or bidder), and
50.1.3 until the payment is honoured, the Authority may, under Part 5, refuse to accept entries for the horse or refuse to allow the horse to run in any race.
50.2 A horse which is sold or bought in must not leave the place of sale without
- 50.2.1 permission of the auctioneer, and
50.2.2 a written order given for his delivery to the actual bidder.
50.3 Where a horse is sold or bought in, the Person who issues the delivery order for the horse is responsible for the money and must pay it over to the Stakeholder for payment in accordance with Rule 129 to be made to the Person or Persons entitled.
50.4 Unless the horse is paid for, or the price is secured to the satisfaction of the auctioneer, within thirty minutes of the sale
- 50.4.1 the auctioneer must put the horse up for sale a second time, and
50.4.2 the purchaser at the first sale is responsible for any deficiency arising from the second sale and is treated as a defaulter until it is paid.