Help with an Indenture Please

A number of years ago I found the following indenture in a deed book in Hardin County, Kentucky. I thought I understood what was going on that is until this past week when some else used this deed as a reference.

My understanding of the following indenture is that John Uptegrove used a horse as collateral for a loan from Joseph Adams.

The other person interpreted the indenture as John Uptegrove sold a horse to Joseph Adams.

Note: I did correct a couple of spelling errors in this transcription. The original pages are attached in a pdf.

Any input is most welcome.

Ann Gilchrest

This Indenture made this 2^nd day of September 1833 Between John Uptegrove of the County of Hardin and State of Kentucky on the one part, and Joseph Adams of the County of Nelson and State aforesaid of the other part.

Witness that the said John Uptegrove and in consideration of the sum of fifty five dollars of good and lawful money of the United States at or before the sealing and delivery of the presents, the receipt whereof is hereby acknowledged hath granted bargained and sold and by these presents doth grant, bargain and sell unto the said Joseph Adams his Executors administrators and assigns, A three year old filly next Spring. To Have and to hold the said filly herein before granted bargained and sold or mentioned or intended to be, unto the said Joseph Adams his executors administrators and assigns to the only proper use and behoove of the said Joseph Adams his Executors administrators & assigns.

Provided always and these presents are upon this Condition, that if said John Uptegrove his Executors or administrators shall and do well and truly pay or cause to be paid unto said Joseph Adams his executors administrators or assigns the sum of twenty five dollars on or before the first day of March next. Also the sum of Thirty dollars on the first day of February 1835. Also it is especially understood between the parties as the filly is lent to John Uptegrove that if John Uptegrove fails to pay twenty five dollars on the first day of March next or ill uses or treats the young filly amiss by hard work and not feeding her well, that if said Joseph Adams requests it the said John Uptegrove binds himself to deliver her up to said John Adams immediately then these presents and every matter and thing therein contained shall cease determine and be utterly void to all intents and purposes. Anything herein Contained to the Contrary thereof in any wise notwithstanding and the said John Uptegrove for himself his Executors and the said Joseph Adams his Executors administrators and assigns against him the said John Uptegrove his Executors and administrators & against all and every other person and persons whomsoever and will warrant and forever defend by these presents and the said Joseph Adams for himself his Executors and administrators doth Covenant promises grants and agree to and with the said John Uptegrove, his Executors and administrators that he and they shall and will immediately upon the receipt of the said sum of twenty five dollars on the first day of March next and thirty dollars on the first day of February 1835 as aforesaid at the days and times above limited for payment thereof deliver or Cause to be delivered unto the said John Uptegrove his Executors administrators or assigns the said filly above granted Which is now and at the time of the executing of these presents were received by the said Joseph Adams of and from the said John Uptegrove.

In Witness whereof I have hereunto set my hand and seal the day & year first written.

Witness

Francis Finch                                                                        John Uptegrove

William

I Samuel Haycraft clerk of the Hardin County Court in the State of Kentucky do certify that on the 22 day of October 1833 John Uptegrove personally appeared before me in my office and acknowledged the within Mortgage to Joseph Adams as & for his act & deed & lodged the same for Record

            Whereupon I have truly recorded the same this 14^th day of November 1833

                                                                                    Samuel Haycraft Clk.