This was the second dual instructional flight that the new owner and instructor pilot had flown in this aircraft. The owner, a private pilot, needed 10 hours of flight time to meet insurance requirements. After about 30 minutes of airwork, they returned to the airport to land in light and variable wind conditions. After a normal approach and full stall landing, the aircraft began drifting to the left. Reportedly, the owner first used his ailerons to correct the drift, then at the IP's instruction, he applied right rudder. The IP reported that the plane then turned toward the right side of the runway and went up on its left main gear and tailwheel. The IP stated he tried to take control of the aircraft, but the owner would not release the controls and the left main gear collapsed. The left main landing gear attach bolt was found in the gear attach hole. The bolt was bent and the threads were stripped off.