GIFTS: For some time before she died, Geri Taylor allowed her good friend, Joanne Paskin, to assist her with her financial affairs. Paskin was given access to Taylor’s funds, through joint bank accounts, and to Taylor’s safe-deposit box. At one point, Taylor gave Paskin a number of municipal bonds to “put . . . in safekeeping.” Paskin noticed that the bonds had been placed in a series of Manila envelopes, and each envelope contained a piece of paper on which was written the name of one of Taylor’s relative. One envelope, which contained bonds with a face value of $35,000, had Paskin’s name in it. When Taylor died, Paskin distributed the bonds to the people whose names were in the envelopes and retained the bonds in the envelope with her own name on it. 

Taylor’s estate claimed ownership of the bonds. Paskin asserted that Taylor had made a gift to her of the bonds. Discuss whether an effective gift had been made.

Answer rating: 100% (QA)

The issue in the case is whether or not there was some kind of consideration Taylor had entru... View the full answer