Practice point: A valid inter vivos gift requires that the donor intend to make an irrevocable present transfer of ownership.
Practitioners should note that there must be either physical, constructive or symbolic delivery to the donee sufficient to divest the donor of dominion and control over the property, and acceptance by the donee.
Case: Matter of Baum, NY Slip Op 06782 (1st Dept. 2009)
The opinion is here.
Tomorrow’s issue: Employment Law.
