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Posted by jack on June 18, 2008, 12:54 pm
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Seems wrong to me, but don't really know.
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Posted by Stuart Bronstein on June 18, 2008, 1:43 pm
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> Seems wrong to me, but don't really know.
It may depend on state law, but generally pledges to charities are the
only promises of gifts that are legally enforceable. As such I don't
see any reason not to show them as assets, unless there is some doubt
they will, in fact, be paid.
Stu
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Posted by Bill Brown on June 18, 2008, 9:42 pm
Please log in for more thread options > > Seems wrong to me, but don't really know.
>
> It may depend on state law, but generally pledges to charities are the
> only promises of gifts that are legally enforceable. As such I don't
> see any reason not to show them as assets, unless there is some doubt
> they will, in fact, be paid.
>
As far as I know, pledges to charities are NOT an exception to the
general rule that promises of gifts are NOT legally enforceable. Maybe
you're state is different.
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Posted by Stuart Bronstein on June 19, 2008, 3:37 am
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>> It may depend on state law, but generally pledges to charities
>> are the only promises of gifts that are legally enforceable. As
>> such I don't see any reason not to show them as assets, unless
>> there is some doubt they will, in fact, be paid.
>
> As far as I know, pledges to charities are NOT an exception to the
> general rule that promises of gifts are NOT legally enforceable.
> Maybe you're state is different.
The case I could come up with on quick research for the California rule
is exemplified in Board of Regents v. Davis, 74 Cal.App.3d 862 (1977),
which can be found here:
http://login.findlaw.com/scripts/callaw?dest=ca/calapp3d/74/862.html
Stu
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Posted by Bill Brown on June 19, 2008, 1:02 pm
Please log in for more thread options > The case I could come up with on quick research for the California rule
> is exemplified in Board of Regents v. Davis, 74 Cal.App.3d 862 (1977),
In that case there was a quid pro quo, naming of a football stadium.
Also, it was an action against the estate of the person who had made
the pledge before kicking the bucket. The case seems to have revolved
around whether the decedent was competent to have made the pledge.
IOW, the heirs were trying to defeat the intent of the decedent and
failed.
I'm not persuaded that a California resident after having made a
promise of a gift could not successfully renege on that promise.
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