Trimble v. North Ridge Farms, Inc.

VANCE, Justice.

The question is whether a provision in the syndicate agreement of a syndicated stallion which provides that nominations of a mare to be bred to the stallion by the owner of a share in the syndicate may be sold, exchanged, or otherwise transferred or assigned, permits the purchase of a breeding season free and clear of a purchase money security interest of the syndi-cator by virtue of U.C.C. 9-306.

The stallion, Affirmed, owned by Louis Wolfson, was syndicated and ownership was divided into 36 equal shares. Each member of the syndicate was entitled to one free nomination of a…