Practice point: In order for assets to become part of a trust, pursuant to EPTL 7-1.18, the grantor must actually transfer the assets.
Students should note that the mere recital of assignment, holding or receipt is insufficient for transferring the assets.
Case: Matter of Bishop v. Maurer, NY Slip Op 03840 (1st Dept. 2010)
The opinion is here.
Tomorrow's issue: Contracts.
