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Deed of Gift

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BoatWiki - Definitions

Definition

A deed of gift can be defined as an instrument that conveys ownership in a boat where there is no tangible consideration received from the grantee. This is made apparent on the conveyance form itself.

Meaning

The deed of gift is used in circumstances where someone wishes to convey their interest in a boat with no material compensation other than perhaps love and affection. Such instrument is also used for charity donations It serves the same purpose as a bill of sale, except there is no exchange of considerations.

Context

Deeds of gift are quite common in the boating industry and they are helpful when it comes to dealing with taxation issues.

Conclusion

This type of instrument can have legal and tax implications. Those who are unfamiliar with such matters may wish to seek legal consultation.

Credits and References

4/21/2022 - Page initiated by Team BoatWiki.

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