Tracy P. Streber, F.K.A. Tracy C. Parker, et al. - Page 20

                                       - 20 -                                         
          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            

Page:  Previous  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29  Next

Last modified: May 25, 2011