III. EFFECT OF HOW TITLE IS TAKEN Flashcards Preview

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Flashcards in III. EFFECT OF HOW TITLE IS TAKEN Deck (20)
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1

What is the married women's special presumption?

Where CP was used to take written title in a married woman’s name before 1975, and the title did not indicate CP or joint tenancy was intended, the property is presumptively wife’s SP.

2

Is the maried woman's presumption rebuttable as against a third-party bona fide purchaser who buys
asset from W in reliance on fact that is titled in W’s name, and therefore must be W’s SP?

No

3

Is the maried woman's presumption rebuttable as between H & W?

Yes, H could rebut presumption by showing he did not intend to make a gift to W; but had some other reason for taking title in her name

4

Hobie and Winkie Gates are married. Before 1975, and with Hobie’s participation, community funds are used to purchase Greenacre. If title is taken in the name of “Winkie Gates (or Winkie Gates, “a married woman?”)” What presumption arises? Who's property is it?

The marred women's presumption. Greenacre is W's Separate Property

5

Hobie and Winkie Gates are married. Before 1975, and with Hobie’s participation, community funds are used to purchase Greenacre If title is taken in the name of “Winkie Gates and Sam Slade” (Winkie’s brother)?.
What presumption arises? Who's property is it?

The married women's presumption arises. Winkie Gates and Sam Slade hold Greenacre as tenants in common..

6

Hobie and Winkie Gates are married. Before 1975, and with Hobie’s participation, community funds are used to purchase Greenacre. If title is taken in the name of “Hobie Gates and Winkie Gates, husband and wife” (or “Mr. and Mrs. Hobie Gates”)? What presumption arises? Who's property is it?

The community property assumption arises. Greenacre is community property.

7

Hobie and Winkie Gates are married. Before 1975, and with Hobie’s participation, community funds are used to purchase Greenacre.If title is taken in the name of “Hobie Gates and Winkie Gates, as joint tenants with right of survivorship?” What presumption arises? Who's property is it?

It is community property, the community property assumption arises.

8

Hobie and Winkie Gates are married. Before 1975, and with Hobie’s participation, community funds are used to purchase Greenacre.If title is taken in the name of “Hobie Gates and Winkie Gates” (with no reference to their marital status)? What presumption arises? Who's property is it?

The married woman's presumtion arises. H and W would whold the property as tenants in common.
But. H's property would be CP and W's property would be SP.

9

“Joint and equal form” means what?

title lists both spouses names

10

In 1978, H & W purchase a home for $60,000, using $15,000 of W’s SP and $45,000 of CP. Title is taken as “Harry and Wanda Smith.” W later contributes $10,000 of her SP for improvements.

When H dies, W seeks to “trace” and show that the house is ¼ SP because of her down
payment. W also seeks reimbursement for improvements made with her SP.

What is the result in a case involving death? What law controls?

It is under the Lucas case, it is still law upon death of a spouse.
W has no SP ownership interest and no claim for reimbursement. unless she can establish that there was agreement that W was to have SP interest or W was to be reimbursed.

11

For purposes of division of real property on divorce or separation, real property acquired during marriage in joint and equal form is presumptively what?

Community property

12

For purposes of division of real property on divorce or separation, real property acquired during marriage in joint and equal form is presumptively Community property and is subject to equal division on divorce how can CP presumption be rebutted?
What law is this under?

Express statement in the deed or other instrument of title that the property (or portion thereof) is SP; or
Written agreement by the parties that the property (or portion thereof) is SP.
Anti-Lucas Statute

13

For purposes of division on divorce or legal separation, spouse who made contributions of SP to the acquisition or improvement of CP real property (with a written agreement or title taken in their name) is entitled to what?
What law is this under?

reimbursement without interest for contributions to Down payment, Improvements, or Principal payments (DIP) on mortgage But no reimbursement for SP used to pay interest on mortgage, taxes, insurance, or maintenance.
Anti-Lucas Statute.

14

What does the acronym DIP mean?

Down payment, Improvements, or Principal payments

15

In a divorce over real property does the spouse who contributed separate property to pay for interest on mortgage, taxes, insurance, or maintenance get a reimbursement?

No

16

In 1978, H & W purchase a home for $60,000, using $15,000 of W’s SP and $45,000 of CP. Title is taken as “Harry and Wanda Smith.” W later contributes $10,000 of her SP for improvements.
In divorce action, W seeks to “trace,” and show that the house is ¼ W’s SP because of down payment, and W seeks reimbursement for improvements made with her SP. What result?

W would not be able to claim 1/4 of the house as seperate property because of her down payment but would receive reimbursement for her contributions to Down payment, Improvements, or Principal payments (DIP) on mortgage. (25K)

17

Using $25,000 of CP funds and $25,000 of his SP funds, Harry purchases a vacation property for $50,000 cash. On divorce several years later, property is worth $90,000. If the deed names “Harry and Wanda Smith, husband and wife,” as grantees what applies?

The Anti-Liucas statutes

18

Using $25,000 of CP funds and $25,000 of his SP funds, Harry purchases a vacation property for $50,000 cash. On divorce several years later, property is worth $90,000.
What is the property considered? What is H entitled to?

Community property and is subject to equal division. H is entitled to reimbursement without interest for DIP.

19

Using $25,000 of CP funds and $25,000 of his SP funds, Harry purchases a vacation property for $50,000 cash. On divorce several years later, property is worth $90,000.
if deed names “Harry Smith,” as grantee, what result?

The anti-lucas statues do not apply. Under the source rule and tracing, the property is half community property and half H's seperate property

20

Using $5,000 in CP funds and $5,000 of Wanda’s SP, Harry and Wanda purchase a Picasso painting for $10,000. Although the receipt names “Mr. and Mrs. Harry Smith” as the buyers, there is no title document. The parties later divorce. What result?

The picaso is half community property, and half separate property under the source rule.

The anti-Lucas statutes do not apply because no title document or deed is involved. A receipt is not enough.