GIFT, in law, a voluntary conveyance of property, usually without legal consideration, or the property so conveyed. The term is oc casionally used in law to signify alienation either with or without consideration. To constitute a valid gift there must be an actual or construc tive delivery of the property during the life time of the donor. This refers to both per sonal and real property. Formerly land could be conveyed by oral gift and delivery of pos session only, but to-day such gifts usually must be in writing. Gifts are of two kinds: arum mortis, or those given while the donor believes himself in imminent danger of death, and inter trivos, or those given when the donor is in no fear of death. (See DONATIO CAUSA MORTIS). Examples of constructive delivery are: (1) A makes a gift of all the money he has on de posit in a savings bank to B and delivers the deposit book to him, assigning the money. (2) A makes a gift to B of all the goods he owns on.a ship at sea and delivers to B a bill of lading for the goods.
In order that a gift may be legal, there must not only be actual or constructive delivery, but the donor must have acted of his own free will and be competent to contract. In addition,
nothing must be necessary to make the gift complete and it must be effectual absolutely and immediately. Some authorities hold that the gift must be accepted by the donee to make it effectual, but this is not correct in all cases. Acceptance will be presumed in law if the gift is entirely beneficial, in the absence of evidence tp the contrary. A mere expression of an in tention to make a gift is not effectual, as where A gives his promissory note to B without con sideration, payable in 90 days. The courts treat such transactions as unenforceable because made without consideration. After all the requisites above mentioned are complied with, the gift becomes irrevocable as between the parties, but under certain circumstances it may be attacked and set aside by creditors as in bankruptcy pro ceedings.