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socrateaser
socrateaser, Attorney
Category: Business Law
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Experience:  Retired (mostly)
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I operate a boarding stable in Iowa. I have many horses from

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I operate a boarding stable in Iowa. I have many horses from the same owner in which her account is in arrears by thousands of dollars. I was hoping to cut my losses and move on. However, I now know I need to collect. I still have all her horses and her dates of removal keeps changing. These are registered horses of a breed that is not well accepted in this area. The Iowa law says I have a lein on them and can sell them. However do I have to sell them at public auction? The law says "May" sell at auction. I would prefer to attempt to get the registration papers and sell them privatly. I can barely afford to keep these horses anymore every penny has to go for feed. I only have a verbal contract with her. Dumb I know, but we were friends.
Submitted: 7 years ago.
Category: Business Law
Expert:  socrateaser replied 7 years ago.

Under Iowa Code §579.2, you may only satisfy the lien by selling the stock at public auction. However, if the owner consents to a private sale, then that consent would give you the "power of sale" necessary to avoid the statutory requirements.

 

 

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