The transfer of a horse by any person or persons under suspension, unless to a bona fide owner for a valuable consideration accompanied by the transfer of all control over such horse, shall be deemed fraudulent and an effort to circumvent said suspension. All parties thereto shall be subject to the penalties of these rules. No person shall sell a horse as being free and clear when payments are due or will become due in races of any description and to which the horse has been entered.
N.J. Admin. Code § 13:71-15.27