Week 12 - AEM 3200 Week 12 Lecture Date Monday...

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AEM 3200 Week 12 Lecture Date : Monday, November 17, 2008 Announcements : Text – 1208-1210; 1318-1326 Cases 102-115 I. Recording Title A. Recording has no effect on whether you actually own property but is used to put the world on notice as to who holds the title to a property and helps resolve conflicts. 1. Provides for constructive notice so all who might buy the property know who holds the title. 2. If the deed is not recorded, one must show an actual notice of the pre-existing interest in the land. B. Recorded in the County or City Clerk’s office where the property is located. C. O’Mara v. Wappinger D. Uniform Real Property Electronic Recording Act – A few states have passed this law. It does not say that when transfers occur electronically you ‘must’ do things a certain way, but says that electronic documents/signatures must be treated the same as traditional real property transfers. This act does not replace existing state real estate laws. II. When recording is not effective A. If someone other than the grantor is in possession, the buyer has a duty to determine what that party’s interest might be so recording a deed won’t give the buyer a superior claim to the person in possession. B. If the new owner received the property as a gift, they will not prevail over a prior buyer who gave value for the property even if the latter did not record. C. Will not prevail if the transfer is fraudulent 1. Example: Transferring all assets to another party prior to filing for bankruptcy.
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AEM 3200 Week 12 III. Elements of a Gift A. Gifts are important because of tax issues and ownership disputes. 1. Donor – person making the gift 2. Donee – the recipient of the gift 3. Three requirements for a gift : Intent, Delivery, Acceptance 4. Intent to make a gift: a.Must prove intent ( ) b.If the done was close relative of the donor then there is a presumption that the transfer is a gift if no consideration exchanged. c.Otherwise the presumption generally is that the transfer is a sale or a loan. 5. Delivery of the gift a.May be a symbolic delivery such as the keys to a car, bank account numbers and passwords (for gift of cash). 6. Acceptance of the gift a.Acceptance is rarely disputed. b.Coley v. Walker, Case 48-1 c.Gift is being made by someone on their deathbed. Was this a legitimate gift? It’s a conditional gift, only if he dies will it be legitimized. Case shows the different types of circumstances you might come by. d.Example: Woman dies and leaves some jewelry to her sister in her will. Sister is grief-stricken ( ) and says she doesn’t want the jewelry because it will remind her of her sister. Time passes and sister changes her mind. Court rules that she had repudiated ( ) the gift and with no acceptance the executor of the estate was right to give jewelry to the residuary beneficiary. IV.
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This note was uploaded on 03/03/2009 for the course AEM 3200 taught by Professor Grossman,d. during the Fall '07 term at Cornell.

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Week 12 - AEM 3200 Week 12 Lecture Date Monday...

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