Acquisition By gift Flashcards
Elements of a gift:
1) intent: present transfer of a present interest.
2) delivery
3) acceptance: presumed unless stated otherwise.
Define: gift
A voluntary transfer of title from donor to donee without consideration. Requires a present transfer of a present interest.
Delivery Element:
This is a hierarchy, if a higher option is available, it must be done.
1) Actual Delivery: handing it over
2) constructive Delivery: giving access to it. Ex. The keys to a house or car.
3) Symbolic: giving something that represents the item.
Two types of gifts:
1) Inter Vivos
2) Causa Mortis
Must a donee have physical possession of a gift before fonors death?
No, a donor may reserve themselves a life estate with the donee taking possession at death. But te burden of the proof is on the donee to prove the intent of the doner to gift a gift of this sort.
Define: Causa Mortis gift
A gift given in fear of imminent death from a specific cause.
Death must come from the specified cause that they were in fear of, if not the gift is revoked.
Hypo: a man is dying from a gun shot wound. Gives his son his watch and tells him that he wants his son to have his watch if he dies from the wound. The man then recovers, and is hit and killed by a taxi exiting the hospital. Valid gift?
It would be a valid Causa Mortis gift which was revoked.
What objective are Causa Mortis gifts held to?
Subjective
Hypo: afraid of dying from a heart attack, a father gives his son a watch. The fater survives the heart attack but doesn’t ask for the watch back: what occurs?
The gift becomes and inter Vivos gift, and is the property of the son.
O is the owner of a ring. O leaves the ring at Ds house. D calls her and tells her that she left it. O tells her to keep it as a gift, what occurs?
What is O asks for it back the next day?
A valid gift, the ring is now Ds.
O can ask for it back, but it legally belongs to D. D does not have to return it.
R rents a safety deposit box with his sister, S. He hands his sister 4- 5,000 dollar bonds. His sister puts them back into the box and R continues to add more bonds as well as a ring to the box. R continues to clip the coupons on the new bonds as well as The ones given to S. R then puts a note into the box stating the Contents of the box belong to S. R then dies. What occurs?
His sister receives none of the items in the box, not even the original 4 Bonds. R did not show a present interest to transfer a present intent because he continued to clip the coupons. And the sister showed no interest in them.
