Premium Essay

Case Buder V. Sartore, 774 P.2d 1383, Web 1989 Colo. Lexis 227 (Supreme Court of Colorado)

In:

Submitted By ramirosp
Words 617
Pages 3
Case Buder v. Sartore, 774 P.2d 1383, Web 1989 Colo. Lexis 227 (Supreme Court of Colorado)
Answer
A gift constitutes a voluntary transfer of property without consideration from a donor to a done. When the gifts are made during a person’s lifetime, they are called inter vivos, and are irrevocable present transfers. When the gifts are given by adults to minors, and those are securities, the Uniform Gift to Minors Act (UGMA) establishes the procedures to follow, and recognizes either the donor or a trustee serves as custodian for the minor child. In this case, a custodian of children’s funds owes a duty of care when investing the minor’s money. According to that rule, in acquiring and investing property for the benefit of others, a fiduciary is required to exercise the judgment and care under which people of prudence, discretion, and intelligence would exercise in the management of their own affairs under the same circumstances. Therefore, Buder must make up for the losses suffered by the children’s accounts because of his investment of their funds in penny stocks.

48.8. Naab v. Nolan, 174 W.Va. 390, 327 S.E.2d 151, Web 1985 W.Va. Lexis 476 (Supreme Court of Appeals of West Virginia)
Answer
The doctrine of adverse possession enables one who has been in possession of a piece of real property for more than ten years to bring an action asserting that he is now the owner of that piece of property even when title rests in another. One who asserts title under the doctrine of adverse possession must prove that: (1) he has held the tract adversely; (2) the possession has been actual; (3) it has been open and notorious; (4) possession has been exclusive; (5) possession has been continuous; and (6) possession has

Similar Documents

Premium Essay

Mgmt 597 Week 4 Assignment

...minor grandchildren. Theodore Buder and his wife divorced during this period. The cash gifts, typically in the form of checks made directly payable to the children, were given to Buder with the understanding that he would safeguard the money and invest it on behalf of the children. Buder invested various amounts of the children’s money in “blue chip” stocks traded over the New York and American stock exchanges. Buder also invested substantial sums of the children’s money in speculative penny stocks. The stocks were purchased in Buder’s name as custodian for the children, as required by the Uniform Gifts to Minors Act (UGMA). At one point, almost half of the children’s money was invested in penny stocks. All the penny stocks except one suffered substantial losses. Buder’s ex-wife, Sartore, sued him, alleging that he had breached his fiduciary duty owed to the children under the UGMA. She sought to recover the funds lost by Buder’s investment of the children’s funds in penny stocks. Who wins? Buder v. Sartore, 774 P.2d 1383, Web 1989 Colo. Lexis 227 (Supreme Court of Colorado) Who wins? Answer: In the case of Buder vs. Sartore it deals with gifts to minors and the duties of the custodian of those gifts. The mother (Ms. Sartore) filed an action against the father (Mr. Buder) based on his alleged breach of the fiduciary duty he owed the couples minor children as the custodian of the gift money they had received from a grandparent. The trial court finds that the father had breached...

Words: 2276 - Pages: 10