Guam Reservation of Lien for Payment of Breeding Services Pursuant to Contract or Lease of Animal for Breeding Purposes

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US-01149BG
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Description

Unless a particular jurisdiction grants a breeder a common law breeder's lien or has a statute providing for such a lien, a breeder should specifically contract for such a lien for the breeder's service fee.

The term "Guam Reservation of Lien for Payment of Breeding Services Pursuant to Contract or Lease of Animal for Breeding Purposes" refers to a legal provision or agreement in the U.S. territory of Guam that allows for the creation of a lien on an animal used for breeding purposes in order to ensure payment for breeding services rendered under a contract or lease. This reservation of lien mechanism provides a means for breeders and individuals offering breeding services to protect their interests and financial investments. It acts as a safeguard to secure payment for their expertise, time, and resources devoted to providing breeding services. The Guam Reservation of Lien for Payment of Breeding Services Pursuant to Contract or Lease of Animal for Breeding Purposes typically grants the breeder or service provider a lien, which is a legal claim or right, on the animal that has been bred. This lien allows the breeder or service provider to retain possession of the animal until the agreed-upon payment for the breeding services has been fulfilled. The lien is enforceable against the owner of the animal and has priority over other claims, except for certain superior liens. It gives the breeder or service provider the right to take legal action, such as seizing the animal or pursuing other remedies, to recover the unpaid amount. Different types or variations of the Guam Reservation of Lien for Payment of Breeding Services Pursuant to Contract or Lease of Animal for Breeding Purposes may exist depending on specific contractual arrangements or agreements. These variations could include provisions related to the duration of the lien, the specific breeding services covered, the amount of payment due, and any additional conditions or obligations agreed upon by the parties involved. While it is essential to consult the relevant laws and regulations of Guam, utilizing a Reservation of Lien for Payment of Breeding Services can provide legal protection and financial security for breeders and service providers involved in animal breeding in Guam.

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FAQ

In the post-Civil War South, the crop lien system allowed farmers to obtain supplies, such as food and seed, on credit from merchants; the debt was to be repaid after the crop was harvested and brought to market.

Currently, under federal law commercial horse breeders and owners are treated as farmers. Since horses are considered as livestock, state sales and excise tax rates are often advantageous.

Essentially, the lien protects producers from nonpayment by processors. The intent of the producer lien laws was to protect a farmer who sells his or her commodities to a processor under a promise of payment at a later date.

Dairy cows and breeding cattle can be depreciated. Cattle that are just held for resale are not depreciated. Depreciable cattle can be written off over five years or even one year using bonus depreciation or the Section 179 deduction.

The revised version of Article 9, adopted by a majority of the states including Pennsylvania, states that a secured party should perfect its interest in farm products by filing a financing statement in the office of the secretary of state in the state in which the debtor is located.

Rearing horses for sale is considered a qualifying agricultural use (as a subset of livestock raising) and may qualify land for farm class.

In contrast to the facts of Duggar and Rev. Rul. 79-176, if a taxpayer pays a breeding fee an animal bred that the taxpayer owns, the fee is deductible. For a taxpayer that is on accrual accounting, breeding fees must be capitalized and allocated to the cost basis of the animal.

Currently, under federal law commercial horse breeders and owners are treated as farmers. Since horses are considered as livestock, state sales and excise tax rates are often advantageous. If horse breeding ceases to be an agricultural endeavor, taxes could increase.

Under the crop lien system, farmers could get fertilizer, farming equipment, groceries, and other goods by giving merchants a lien on their cash crops, the most desirable being cotton and tobacco.

Agricultural lien is a statutory lien that protects the seller of farming equipment by giving the seller a lien on crops grown with the equipment.

More info

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Guam Reservation of Lien for Payment of Breeding Services Pursuant to Contract or Lease of Animal for Breeding Purposes