Page:United States Statutes at Large Volume 76A.djvu/191

–95– -95Subchapter IV—Gifts § 651. Definition of gift A gift is a transfer of personal property, made voluntarily, and without consideration. § 652. Requisites of a gift A verbal gift is not valid unless: (1) the means of obtaining possession and control of the thing are given; or (2) if the thing is capable of being delivered, there is actual or symbolical delivery thereof to the donee. § 653. Revocability of gifts A gift, other than a gift in view of death, cannot be revoked by the giver. § 654. Gift in view of death A gift in view of death is one made in contemplation, fear, or peril of death, with intent that it shall take effect only in case of the death of the giver. § 655. Gift presumed to be in view of death A gift made during the last illness of the giver, or under circumstances which would naturally impress'him with an expectation of speedy death, is presumed to be a gift in view of death. § 656. Revocation of gift in view of death (a) Except as provided by subsection (b) of this section, a gift in view of death may be revoked by the giver at any time, and is revoked (1) the giver's recovery from his illness, or escape from the peril, under the presence of which the gift was made; or (2) the occurrence of an event which would operate as a revocation of a will made at the same time. (b) When a giffe in view of death has been delivered to the donee, the rights of a bona fide purchaser from the donee before a revocation of the gift are not affected by the revocation. § 657. Effect of will upon gift A gift in view of death is not affected by a previous will; nor by a subsequent will, unless it expresses an intention to revoke the gift. § 658. Gift treated as legacy A gift in view of death is treated as a legacy, as far as relates only to the creditors of the giver. Subchapter V—Gifts to Minors § 681. Definitions In this subchapter, unless the context otherwise requires: "adult" means a person who has attained the age of 21 years; "bank" means a bank, trust company, national banking association, or savings bank; "broker" means a person lawfully engaged in the business of effecting transactions in securities for the account of others; and the term includes a bank which effects such transactions; and term also includes a person lawfully engaged in buying and selling securities for his own account, through a broker or otherwise, as part of a regular business;

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