Can someone sell my horse on a verbal loan contract?

Yes I have her papers and they are in my name.

That's where the extortion comes in. They probably don't have a potential buyer lined up. I would be willing to bet that if you called their bluff on it ("Ok, go ahead and sell her because I don't have the money"), they'd fold or come up with all sorts of excuses/lies.
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You can use that phonecall to your advantage if it comes down to that.

They're just trying to extort money from you for your own horse. Do you have any witnesses to the phone call? This piece of scum needs to go to jail. In the meantime, go get your horse. NOW.

Registration papers do NOT denote ownership, which is why you need proof in the form of a bill of sale. A lot of horses' registration papers are never transferred from previous owner names. Doesn't mean the horses still belong to them. Those papers will just be helpful in this situation as back up to your bill of sale.

Yeah, I told them I was not going to pay them, and then they said that since I "don't want her back" someone is coming to pick her up Friday, March 1. I don't know if it is true, but it sure seems like it!

Even if it's a bluff, why are you still dithering about it? Call the BO, and go get your horse.

We are going to go get her later this afternoon! :)

I agree with every one else. Go get her. Don't go alone and I would first file a statement with the police or something (what ever you feel is necessary) so that they can't just call in a stolen horse the minute you get her off the property. Remove her before Friday, or if absolutely nothing else works, ask for a third party to hold her until this can be sorted out. Do not let any buyers (if they exist) take her.

I definitely agree that this is extortion. Unless the horse is actively showing (and doing well) or she has exceptional training and potential, I don't know any one who will pay $10,000 for a grade. I'm assuming if she was at a training facility she hasn't been actively shown?

Don't tell anyone you are coming, just show up and take her. If you give warning, they'll have plenty of time to hide her elsewhere.

She is a 1st premium Mare and is an exceptional horse (her father is Bolivar)! She has not been shown. I have used her as a brood mare and as a jumping horse, but have not done any showing (I am in college and just don't have the time). She is well worth the $10,000!!

I have contacted my sheriffs office and I am waiting for them to escort me to pick her up. I am also having a good friend of mine who owns a farm go with me.