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GIFTS OF PERSONAL PROPERTY
Terms in this set (3)
A GIFT IS A VOLUNTARY TRANSFER OF PROPERTY WITHOUT ANY CONSIDERATION.
1-The donor must intend to make a gift
2-The donor must deliver the chattel to the donee (or substitute)
3-The donee must accept the chattel
TYPES OF GIFTS
Inter vivos - During the lifetime of the donor not under any threat of impending death and is irrevocable.
Causa Mortis - A gift made in contemplation of immediately approaching death - revocable after recovery.
PRESENT INTENT - NOT FUTURE PROMISE
1-Donor must pass title and not transfer possession only
2-Objective act required
3-A Parol gift requires immediate delivery of the chattel
for three reasons:
a-Ritual - Delivery impresses the grantor with the legal significance and finality of the act
b-Evidentiary - Delivery of the chattel is reliable, objective evidence of the grantor's intent to give
c-Protective - Requiring delivery protects the unwary or barely competent donor from making improvident oral statements
ALTERNATIVE METHODS OF DELIVERY
The Donor must complete an act that evinces an intent to be immediately bound. These acts are called Constructive or Symbolic delivery.
Where the actual delivery is impracticable, constructive delivery is permitted. This involves handing over the means of obtaining possession and control (key to a safe deposit box).
Where the actual manual delivery is impracticable because the chattel is to large or the situation of the parties will not permit it.
Title to a chattel could be transferred by sealed or unsealed instrument; intangible interest or agent of the donee.
THIS SET IS OFTEN IN FOLDERS WITH...
LICENSE, PROFITS & COVENANTS
ESTOPPEL BY DEED
OTHER SETS BY THIS CREATOR
TAXING INTERSTATE COMMERCE