N.Y. Comp. Codes R. & Regs. tit. 9 § 4026.1

Current through Register Vol. 46, No. 50, December 11, 2024

Section 4026.1 - Definitions

(a) Managing owner means a person who through ownership, lease or designation manages all racing activities for a race horse and is personally responsible for all liabilities arising therefrom.

(b) Nonmaging owner means a person holding any property interest in a race horse and who is not a managing owner.

(c) Property interest means any direct or indirect legal or beneficial interest in the racing, breeding or other qualities of a race horse (including a right to share in such horse's earnings or fees) whether present or future, established by deed, lease, sale with contingencies, contract of sale, syndication agreement, right of possession, or otherwise. Both lessors and lessees hold a property interest in a horse. Included in such term shall be any interest, direct or indirect, in stock, shares, parts or otherwise of any legal entity holding a property interest in a race horse (including administering or holding office in such entity).

N.Y. Comp. Codes R. & Regs. Tit. 9 § 4026.1