In August of 2011, the Grace Foundation received ownership of 32 horses from Wells Fargo Bank, Bank of America, and Lassen County in California. The transfer of ownership raised the question of its legality. On August 26th, the Grace Foundation was given final disposition of the horses and two goats. An official document confirmed the transfer of title from the bank's receiver to Lassen County and then to the Grace Foundation. However, upon further inspection, it was discovered that a court order dated July 29th, 2011, authorized the receiver to turn over the animals to the Lassen County animal control facility. The order also allowed for the return of horses to their rightful owners, including Mr. Bennet. No provisions were made in the order for the transfer of ownership to any other party. Additionally, on August 18th, the owner of the horses filed for bankruptcy. Though all parties involved were made aware of the bankruptcy filing during a contempt of court hearing on August 19th, the Grace Foundation, who was not a party to the case, was not informed until early September, almost two weeks after receiving the horses. The bankruptcy filing should have halted the transfer of ownership, as an automatic stay was placed on Mr. Bennet's assets, including the horses. The bank's attorney was aware of the bankruptcy filing and attempted to request temporary relief from the stay on August 25th, the day before the transfer of ownership. This motion was denied on September 2nd, revealing that the Grace Foundation did not have title to Mr. Bennett's horses. To summarize, the Grace Foundation unknowingly obtained ownership of 32 horses without being informed of a court order allowing the return of the horses to Mr. Bennett. They were also uninformed about Mr. Bennett's bankruptcy filing, which should have prevented the transfer...
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Transfer of horse ownership agreement Form: What You Should Know
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