Page:United States Statutes at Large Volume 76A.djvu/189

–93– -93SUBCHAPTER IV

651. 652. 653. 654. 655. 656. 657. 658.

GIFTS

Definition of gift Requisites of a gift. Bevocability of gifts. Gift in view of death. Gift presumed to be in view of death. Revocation of gift in view of death. Effect of will upon gift Gift treated as legacy. SUBCHAPTER V

GIFTS TO MINORS

681. 682. 683. 684. 685. 686. 687.

Definitions. Manner of malting gift Effect of gift Duties and powers of custodian. Custodian's expenses, compensation, bond, and liabilities. Exemption of third persons from liability. Resignation, death, or removal of custodian; bond; appointment of successor custodian. 688. Accounting by custodian. 689. Construction. 690. Short title.

Subchapter I—General Provisions § 571. Definitions Transfer is an act of the parties, or of the law, by which the title to property is conveyed from one living person to another. A voluntary transfer is an executed contract, and, except that a consideration is not necessary to its validity, is subject to all rules of law concerning contracts in general. A transfer in writing is called a grant or bill of sale, and, as used in this chapter, "grant" includes both these instruments. § 572. Property which may be transferred Except as provided by section 573 of this title, property of any kind may be transferred. § 573. Possibility as transferable A mere possibility, not coupled with an interest, may not be transferred. § 574. Right of repossession as transferable A right of repossession for breach of condition subsequent may be transferred. § 575. Vesting of title A transfer vests in the transferee all the actual title to the thing transferred which the transferor then has, unless a different intention is expressed or necessarily implied. § 576. Incidents to a thing transferred The transfer of a thing transfers also all its incidents, unless expressly excepted; but the transfer of an incident to a thing does not transfer the thing itself. Subchapter II—Mode of Transfer § 591. Oral transfer If a writing is not expi-essly required by statute, a transfer may be made without writing. § 592. Interest in an existing trust An interest in an existing trust may be transferred only by operation of law, or by a written instrument, subscribed by the person making the transfer, or by his agent.

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