Opinion ID: 1666866
Heading Depth: 1
Heading Rank: 7

Heading: bearer bonds

Text: Adelia Adams Coker, as next friend of the widow, Vera Adams, filed a petition to have all or half of the bearer bonds kept in the safety deposit box registered in the name of Mr. or Mrs. W. C. Adams, declared to be the property of the widow. The trial court heard all testimony orally, and found that the widow could have cashed all the bonds at any time, that equity and good conscience dictated that she be given half the bonds even though the evidence showed that all the bonds were purchased by the deceased, and he was the only person to enter the box during his lifetime. From the decree finding that half of the bearer bonds belonged to the widow and half belonged to the deceased's estate, executor First Alabama Bank of Montgomery appeals. We reverse. In Garrison v. Grayson, 284 Ala. 247, 224 So.2d 606 (1969), the elements of a valid gift were set forth: It has long been a rule in this jurisdiction that there are three distinct requirements which must be met in order for one to convey a valid inter vivos gift. These are: An intention to give and surrender title to, and dominion over, the property; delivery of the property to the donee; and acceptance by the donee. Vinson v. Vinson, 262 Ala. 388, 79 So.2d 31; Hudgens v. Tillman, 227 Ala. 672, 151 So. 863. The party alleging that a gift was made has the . . . burden of establishing the fact of gift by clear and convincing proof. Walker v. Amason, 369 So.2d 786, 791 (Ala.1979). We have carefully reviewed the record and the decree rendered by the court and we find that the party alleging the gift has not maintained the burden of proof required. The trial court's finding that a gift was made is clearly erroneous. In setting out his reasons for determining a gift had been made, the trial judge stated: It seems to the Court that in all equity and good conscience that Mrs. Adams should be given one-half of the bearer bonds. She could have cashed them all if she had so desired. Apparently the trial judge applied an incorrect standard for measurement of the burden on the party alleging the gift. On appeal, great respect is paid to the trial court's judgment but the reviewing court will revise the trial court's judgment on questions of fact where, after making all proper allowances and indulging all reasonable intendments in favor of the trial court, it reaches the clear conclusion that the finding and judgment are wrong. Insurance Company of North America v. Mays, 278 Ala. 20, 174 So.2d 700 (1965). The entire cause is due to be reversed and remanded for further proceedings not inconsistent with this opinion. APPLICATION FOR REHEARING GRANTED AS TO OWNERSHIP OF BEARER BONDS; APPLICATION FOR REHEARING OVERRULED AS TO THE DISPOSITION OF TESTAMENTARY TRUST. OPINION MODIFIED, REVERSED AND REMANDED. TORBERT, C. J., and JONES, SHORES and BEATTY, JJ., concur.