Gifts Flashcards

1
Q

Gifts - Definition

A

The intervivos (between the living), voluntary and

gratuitous transfer of a property interest from the owner

(donor) to another (done) that is irrevocable once

complete.

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2
Q

Definition of Intervivos

A

Latin: Between the living

Property is transferred in between the living people

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3
Q
  1. Elements of a gift
A
  1. Intent to transfer
  2. Delivery of property
  3. Acceptance by the donee
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4
Q

Gift Element 1. Intent

A

• 1. Intent: to make a present gift / intent to transfer title

  • Can make a present gift of future interest – it is real in the present
  • CanNOT make an executory gift to be given sometime in the future or subject to a condition precedent (even if the condition is later fulfilled) e.g. “I will give you a ring next week”
         • E.x. “I will give you a piano/plane when I die”
  • Interest = donor retains lifetime ownership over the piano, but presently transfers a remainder in true ownership to donee
  • Gift = donor may die in debt and bank may sell the piano
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5
Q

Element 2: Delivery

A

• 2. Delivery: External manifestation of intent

   Purpose: to protect against fraudulent claims

   No power of revocation after delivery
  • Even if condition precedent and donee fails to fulfill it
  • Exception with engagement rings – most courts today find the gift conditional on marriage occurring and order return of the ring if the engagement falls through regardless of fault
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6
Q

Element 2: Delivery

3 Types of Delivery

A
  • Actual – physical transfer of object itself
  • Constructive – donor gives donee some tangible item that provides means of accessing control; e.g. donor gives key to a locked box
  • Symbolic – where delivery is intended to symbolize the transfer of ownership where manual delivery is impractical; e.g. written deed or signed letter

• Delivery through an agent:

  • Valid immediately if an independent agent or agent of the donee
  • Valid upon delivery to donee if an agent of the donor
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7
Q

Gif Causa Mortis Definition

A

The death bed gift: Reasonable fear of death from present illness or injury; does not cover premonitions

Valid present intervivos gift made by the owner in contemplation of impending death due to present illness or injury

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8
Q

Gift Causa Mortis is revokable in three situations:

A
  1. Donor recovers from the present illness/injury
  2. Affirmative act by donor cleary indicating revocation
  3. Donee dies before donor
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9
Q

Gift Causa Mortis DOES NOT apply to this type of property

A

Doesnt apply to REAL PROPERTY mother fucker!

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10
Q
  • Engagement Gifts
A

are conditional and thereby revocable (to give effect to the intent of parties)

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11
Q
  • Testamentary Gifts
A

intended to be effective at owner’s death, must satisfy statute of wills; subject to law of trusts and estates

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12
Q
A
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