Gift Classification and Conveyance is Earnest when the Race is Statutory

Question 1

Gift

Answer 1

Gift Bailment

(1) Gift = voluntary transfer, donative intent, w/o pecuniary consideration; = irrevocable upon delivery; lost: report to sheriff and claim 60 days after publishing
(2) Bailment = bailee take custody of personal property; Mutual: ordinary, Gratuitous: gross, bailee >; Professional: presumed negligence, unless bailor parked

Question 2

Classification

Answer 2

Classification Defeasible Life

(1) Classification = granting language; Fee simple absolute: present, infinite, transferable, devisable
(2) Defeasible = triggering event; revert: grantor, remainder: 3rd party (executor interest); Determinable v. Right of reentry: condition subsequent!: automatic but affirmative in R. time!: public policy, RAP
(3) Life estate = reverts, or third party, on death of grantee or another (pur autre vie): RAP = 21 years for non-trusts or will from delivery date, does not apply to reversions or rights of reentry.

Question 3

Conveyance

Answer 3

Conveyance Delivery Land

(1) Conveyance = required for real: SADD: SOF: signed by one bound, acknowledged, precise legal description, delivery
(2) Delivery = objective intent to transfer title; recording in county where located: presumption of effective delivery !: gift
(3) Land possessor exception = out of SOF by part performance: PIP: possession of property, improvements consistent with ownership, substantial or full payment

Question 4

Earnest

Answer 4

Earnest Breach Sale

(1) Earnest money = land sale K, precedes and merges w/ deed at closing: F17, currency on face, identify both parties and signed by one bound, reasonable certainty of property, conditions for deposit return
(2) Breach = Seller: compensatory, liquidate damages < = 5% and both signed; Buyer = specific b/c land unique
(3) Sale by real estate contract = finance terms, seller keeps title; = 90 days foreclosure notice to reinstate!: judicial!: accelerate or deficiency judgment, but equitable claim/sale if value exceeds unpaid obligation; farms: b/c no deed of trust

Question 5

Race

Answer 5

Race Quiet

(1) Race notice = first BFP to file: FIN: for value: not nominal, in good faith: no knowledge, no inquiry or constructive notice; burden on non-recorder; shelter rule
(2) Quiet title = clear up chain of title; specific performance b/c land is unique

Question 6

Statutory

Answer 6

Statutory Quitclaim

(1) Statutory warranty deed = TAFED: Title of seisin: fee simple, authority to convey, free of encumbrances: marketable title!: litigate, quiet enjoyment!: other claims, defend buyer; Implied habitability for new houses
(2) Bargain and sale = special: “bargains”: warrant only seller has not breached, not prior owner
(3) Quitclaim = no warranty: only interest transferor possesses