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writing, Parker and Betty informed the daughters of their
interests in the potential joint venture. Parker's actions
subsequent to January 26, 1980, are consistent with the
conclusion that he made a gift to the daughters on or before that
date. For example, the Joint and Mutual release entered into by
Parker, Bradish, and others recites that "Bradish holds a forty
percent (40%) interest in the joint venture in trust for the
children of Larry and Betty Parker".
3. Delivery
"It has long been the rule in Texas that for a gift to be
effective, title to the item must pass immediately and
unconditionally and the transfer thereof must be so complete that
the donee might maintain an action for the conversion of the
property." Oadra v. Stegall, 871 S.W.2d. 882, 890 (Tex. Ct. App.
1994) (internal quotation marks and citations omitted).
Parker never owned the Northgate Forest property. Acting at
Parker's direction, Nathan entered into the earnest money
contracts, which accorded Nathan, "his nominees or assigns", as
"Purchaser", certain time-sensitive rights to complete the
purchase of the Northgate Forest property. The earnest money
contracts were assigned to Bradish, who completed the purchase of
the Northgate Forest property and contributed that property to
the joint venture. Albeit with borrowed funds, Parker made the
escrow payments required under the earnest money contracts. We
are satisfied that, in making those payments, Parker made a gift
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