Chase Federal Savings And Loan Association v. Schreiber

479 So.2d 90 (1985)

Purchase the Printed Copy at bsmsphd.com

Nature of the Case

To access this section all you need to do is click here and register.

Facts

Ross, ninety years of age, transferred title to her home to Peter Cournoyer by a quitclaim deed which stated that 'this quitclaim deed is being given with the consideration being love and affection.' Cournoyer then sold the property to Luis and Gladys Perez for $50,000. D supplied Perez with a loan secured by a mortgage on the property. After Cournoyer sold the property to the Perezes, Ross (P) brought this action seeking cancellation on the ground that the original deed to Cournoyer was void for lack of consideration. The court found 'there was no consideration for the execution of with the exception of love and affection and therefore equitable title and interest in the subject property remained' in P. The trial court concluded that 'legal title did pass' from Cournoyer to the Perezes because the Perezes were 'bona fide purchasers having paid a valuable consideration without notice of any infirmity, and therefore their title to the subject property and interest in the subject property respectively shall stand.' The trial court then held that a constructive trust arose for the benefit of P in the proceeds received by Cournoyer in the sale to the Perezes, entered a judgment for P against Cournoyer in the amount of $50,000. P appealed for the denial of the cancellation of the deeds and mortgages. A majority of the en banc court reversed the trial court, holding that a deed given to a non-relative in return for love and affection is invalid for lack of consideration. This appeal resulted.