The Dakota 50/50 purse is based on a percentage of revenue of the Dakota 50/50 Sale. Therefore all announcements of the purse will be considered “unofficial” until all checks have cleared the bank. The official purse of the Dakota 50/50 will be a percentage of the total collected sales.
Any check that does not clear the bank on the first deposit will be resubmitted upon receipt. If the check does not clear on the second deposit, arrangements will be made to return the horse to the original consignor within 15 days at the expense of the buyer or face prosecution. This is to avoid any concern regarding condition of the colt. Payment will not be made to a consignor until the check for their respective colt clears the bank.
A $500 charge (the same as a grievance fee) will be assessed on all unsatisfied NSF checks. Therefore, a person who writes an unsatisfied NSF check to the 50/50 will need to remit $500 Money Order in order to be in good standing with the Dakota 50/50. Good standing is required to consign, purchase or participate in any Dakota 50/50 event.
Upon return of the colt to the original consignor, it may retain its eligibility in the Dakota 50/50 Futurity and Maturity by payment from the original consigner to the Dakota 50/50 in the amount equaling 50% of the sale price of the colt or 50% of the average sale price of colts consigned to that respective sale, whichever is less. That money will be distributed per norm, with 80% deposited to the purse and 20% to the general fund. No additional payment will be due the consignor.