written instrument, subscribed by the person making 'This provision is intended to settle a doubtful question. sale, &c. $ 496. The mode of transferring other personal Transfer by property by sale, is regulated by the Title on that subject in the Third Division of this Code. ARTICLE II. WHAT OPERATES AS A TRANSFER. SECTION 497. Transfer of title under sale. 498. Transfer of title under executory agreement for sale. S497. The title to personal property, sold or exchanged, passes to the buyer whenever the parties agree upon a present transfer, and the thing itself is identified,' whether it is separated from other things or not.2 1 1 This is essential (McCandlish v. Newman, 22 Penn. St., ' Kimberly v. Patchin, 19 N. Y., 330; see contra, Aldridge $498. Title is transferred by an executory agreement for the sale or exchange of personal property, only when the buyer has accepted the thing, or when the seller has completed it, prepared it for delivery, and offered it to the buyer, with intent to transfer the title thereto, in the manner prescribed by the chapter upon OFFER OF PERFORMANCE. Andrews v. Durant, 11 N. Y., 35; Tompkins v. Dudley, $499. Where the possession of personal property, together with a power to dispose thereof, is transferred by its owner to another person, an executed Transfer of sale. title under Transfer of executory for sale. title under agreement When buy. better title has er acquires than seller sale by the latter, while in possession, to a buyer in good faith and in the ordinary course of business, for value, transfers to such buyer the title of the former owner, though he may be entitled to rescind, and does rescind the transfer made by him. Fassett v. Smith, 23 N. Y., 252: Brower v. Peabody, 13 id., 121; Smith v. Lynes, 5 id., 41; Beavers v. Lane, 6 Duer, 236; Saltus v. Everett, 20 Wend., 267. ARTICLE III. GIFTS. Gifts defined. Gift, how made. Gift not revocable. SECTION 500. Gifts defined. 501. Gift, how made. 502. Gift not revocable.. 503. Gift in view of death, what. 504. When gift presumed to be in view of death. 505. Revocation of gift in view of death. 506. Effect of will upon gift. 507. When treated as legacy. $500. A gift is a transfer of personal property, made voluntarily and without consideration. S501. A verbal gift is not valid, unless the means of obtaining possession and control of the thing are given, nor, if it is capable of delivery, unless there is an actual or symbolical delivery of the thing to the donee. This doctrine is too well settled in this state to be questioned (Woodruff v. Cook, 25 Barb., 505; Hunter v. Hunter, 19 id., 631; Huntingdon v. Gilmore, 14 id, 243; Noble v. Smith, 2 Johns., 52; Grangiac v. Arden, 10 id., 293; Cook v. Husted, 12 id., 188); but the cases from which the strictness of the rule has been derived (Irons v. Smallpiece, 2 B. & Ald., 551, and others) are not recognized as good authority in England in respect to gifts not in view of death (Winter v. Winter, 4 Law Times [N. S], 639; 101 Eng. C. L., 997; Lunn v. Thornton, 1 C. B., 381; Ward v. Aud land, 16 M. & W., 870, per PARKE, B.). S502. A gift, other than a gift in view of death, cannot be revoked by the giver. S503. A gift in view of death is one which is made in contemplation, fear, or peril of death, and with intent that it shall take effect only in case of the death of the giver. It has not been thought necessary to declare what may Gift in view of death, what. presumed to be in view of $504. A gift made during the last illness of the When gift giver, or under circumstances which would naturally impress him with an expectation of speedy death, is death. presumed to be a gift in view of death. Merchant v. Merchant, 2 Bradf., 432. $ 505. A gift in view of death may be revoked by the giver at any time,' and is revoked by his recovery from the illness, or escape from the peril, under the presence of which it was made, or by the occurrence of any event which would operate as a revocation of a will made at the same time.3 'Merchant v. Merchant, Bradf., 432. 'Staniland v. Willott, 3 Macn. & G., 664. S 506. 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. S507. A gift in view of death must be treated as a legacy, so far as relates only to the creditors of the giver. CHAPTER IV. RECORDING TRANSFERS. Substantially from 1 R. S., 755. ARTICLE I. What may be recorded. III. Proof and acknowledgment of instruments. IV. Effect of recording or of the want thereof. Instru ments af ARTICLE I. WHAT MAY BE RECORDED. SECTION 508. Instruments affecting real property. 511. Transfers of personal property, &c. S508. Any instrument or judgment, affecting the fecting real title to real property, may be recorded under this property. Instrument must be acknowledged. When deed to be recorded. Transfers of personal property, chapter. The present statutes authorize deeds, powers of attorney, wills, letters patent of the state, judgments in partition &c., to be recorded. S509. Before an instrument may be recorded, its execution must be acknowledged by the person executing it, or proved by a subscribing witness, and the acknowledgment or proof certified in the manner prescribed by article III of this chapter. S510. An instrument, proved and certified pursuant to sections 524 and 525, may be recorded in the proper office, if the original is at the same time deposited therein to remain for public inspection, but not otherwise. 1 R. S., 761, § 32. S511. Transfers of property in trust for the benefit of creditors, and transfers of or liens on property, by way of mortgage, are required to be recorded in the cases specified in the Title on special relations of DEBTOR and CREDITOR, and the chapter on MORTGAGES, respectively. ARTICLE II. MODE OF RECORDING. SECTION 512. In what office. 513. Books of record. 514. Duties of clerk, &c. 515. Transfers of vessels. office. S512. Instruments recorded under this chapter, In what must be recorded with the register of deeds, or, if there is none, with the clerk, of the county in which the real property affected thereby is situated. record. § 513. Grants, absolute in terms, and not intended Books of as mortgages, or as securities in the nature of mortgages, are to be recorded in one set of books, and mortgages and securities in another. 1 R. S., 756, § 7. clerk, &c. S 514. The duties of clerks and registers of deeds, Duties of in respect to recording instruments, are prescribed by the POLITICAL CODE. of vessels. 515. The mode of recording transfers of ships, Transfers registered under the laws of the United States, is regulated by acts of Congress. ARTICLE III. PROOF AND ACKNOWLEDGMENT OF INSTRUMENTS. SECTION 516, 517. By whom acknowledgments may be taken in this state. 518. By whom taken, without the state. 519. By whom taken, without the United States. 520. Requisites for acknowledgments. 521. Requisites for acknowledgments when made by married women. 522. Id. 523. Proof by subscribing witness. |