Gifts Flashcards
What does a valid gift do in terms of property rights?
A valid gift passes title
What are the two kinds of gifts?
- inter vivos (during life)
- causa mortis (made in contemplation of death)
What are the three requirements for a valid inter vivos gift?
- Donative intent
- A valid delivery
- A valid acceptance
Donative intent means the intent to ____ _____ now.
pass title (not just use, possession, or enjoyment)
Donative intent is much easier to find when…
A valid delivery doesn’t have to be the item itself, just…
A valid delivery may be obviously satisfied…
on the facts. (e.g. Handing something to someone clearly is valid delivery)
Where the donee is already in possession of the item, when the gift is attempted, delivery is…
valid.
Where the donor hands over something that is representative of the object of the gift, delivery is…
generally valid.
(e.g. the keys to the corvette, handing over passbook to an account.)
If the donor makes out check to donee or promissory note to donee and gives it to donee…
No delivery until check is cashed or note is paid.
But, if the donor hands donee check or note made out to the donor by a third party…
There’s valid delivery even if donor hasn’t endorsed the check to the donee.
If it’s the donor gives his instrument…
no delivery until the cash is received.
If the donor uses someone else’s instrument….
There’s a valid delivery right now.
A donor hands donee a stock certificate representing shares in a corporation. Valid?
This is a valid delivery even if donor has not signed endorsement nor told corporation of the transfer.
When the donor uses a third party to get the gift to the donee, if the middle person is the donee’s agent, then there is a valid delivery when…
donor hands the item to the middle person.
When the donor uses a third party to get the gift to the donee, if the middle person is the donor’s agent, then there is a valid delivery when…
it reaches donee’s hands.
When the donor uses a third party to get the gift to the donee, but it’s not clear as to whose agent the middle person was…
construe them to be the donor’s agent.
exception: if the donee is a minor, then construe them to be the donee’s
Acceptance of a gift (is/is not) implied by silence.
is
The only way not to accept is…
if you have explicit rejection by words or deeds.
if you get engaged, but call it off and move out, ring goes to…
The giver of the ring. Act was the moving out. Rejection of marraige= rejection of ring.
Gifts causa mortis apply to situations where…
Rules about Gifts Causa Mortis are (in addition to/aside from) i.the usual rules for gifts inter-vivos.
in addition to
Gifts causa mortis rules aim to…
protect donors who make gifts in these stressful situations. (all IV rules apply first, then these).
