Exchange, Actionable Claims & Gifts — KSLU Property Law Notes

Exchange, Actionable Claims & Gifts

An exchange (s.118) is the mutual transfer of ownership of one thing for another (neither being money only). An actionable claim (s.3) is a claim to an unsecured debt or to beneficial interest in movable property not in possession, which can be transferred by a written instrument under s.130, the transferee taking subject to the equities. A gift (s.122) is the voluntary, gratuitous transfer of existing property, made by a donor and accepted by the donee during the donor’s lifetime; a gift of immovable property must be by a registered instrument attested by two witnesses (s.123). An onerous gift (s.127) invokes the all-or-nothing rule: where a single transfer gives several things, one burdened and others not, the donee must take the whole or none.