Transfer is an act of the parties, or of the law, by which the title to property is conveyed from one living person to another.
Article 1Definition of Transfer
Section § 1039
This section defines 'transfer' as the act of moving the ownership of property from one person to another while both are alive. It can be done by the parties involved or by law.
property transfer title conveyance ownership change living persons transfer by law transfer by parties property ownership conveyance act title transfer personal property legal transfer process
Section § 1040
This law says that when you voluntarily transfer something to someone else, it's like you've made a contract that has been completed. Usually, contracts require both parties to give something up, called 'consideration,' but for this type of transfer, that's not needed.
A voluntary transfer is an executed contract, subject to all rules of law concerning contracts in general; except that a consideration is not necessary to its validity.
voluntary transfer executed contract consideration contract rules contract validity general contract principles transfer without consideration law of contracts contractual obligations completed contract legal transfer requirements property transfer no consideration needed contract exceptions voluntary agreements
