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14 Cards in this Set
- Front
- Back
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What is the process of gift inter vivos? |
Donor (A) has no rights to the property, and retains no obligation to the donee (B) after transfer. |
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Why is gift inter vivos an absolute gift? |
There is no separation of the legal and equitable titles to the property |
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What is problematic about a gift as a means of property transfer? |
No consideration, so no contract |
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Explain the process of gratuitous promise regarding gift transfer? |
A deed is often used, due to the fact that the donee in the case of a gift not made by deed is in legal terms a volunteer, and cannot enforce the transfer. |
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What are the legal formalities of a transfer of interest in land? (Real property) |
Actual transfer (coveyance) must be by deed for sale or gift, and it must be registered |
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What are the legal formalities of a transfer of intangible personal property? |
Transfer by the way of assignment. Cheques must be endorsed, and debts must be assigned in writing. |
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What are the legal formalities for a transfer of public shares? |
Must be electronically transferred via CREST |
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What are the legal formalities for a transfer of private shares? |
Must comply with stock transfer act in private companies |
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What is the legal formalities for the transfer of tangible properties? |
Must be done by either Deed (formally) or by delivery (informally) |
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Explain the process of delivery regarding the transfer of tangible properties |
A delivery requires the intention to give, and must be done through a legally recognized form of delivery. |
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What is the re rose principle? |
If a donor has done everything that can be expected of him to transfer legal title, but the transfer is delayed by the routine operation of the law then the gift is still effective. |
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What is the process for a sale? |
A legal sale must be done via an informal agreement, followed by a formal contract. |
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What is Donatio mortis causa? |
A gift in contemplation of death is a particular type of transfer: A gift made in life, intended to take effect on the donor's death |
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Explain Strong v Bird (1874) |
Bird borrowed money from his stepmother, to be paid back in the reduction of rent. She only did so twice, and after her death he was made the executor of her will. This judge deemed that the money was deemed a gift as he was made executor of her will. |
