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