Ladybird Deeds in Missouri - Revision history

Davidjenkins at 14:41, 13 August 2019

2019-08-13T14:41:01Z

Davidjenkins: CSV import

2019-08-13T14:28:35Z

CSV import

Davidjenkins: /* Recording */

2019-08-05T13:12:45Z

‎Recording

Davidjenkins: /* Search */

2019-08-05T13:10:42Z

‎Search

Davidjenkins: /* Examination */

2019-08-05T13:09:27Z

‎Examination

Davidjenkins: /* Examination */

2019-08-05T13:06:22Z

‎Examination

Davidjenkins at 13:01, 5 August 2019

2019-08-05T13:01:26Z

Davidjenkins: Created page with "Counsel is correct that this is a “Ladybird Deed”, but the problem is that its recognition in MO is based on a case from 1953. It hasn’t been overturned by the courts o..."

2018-08-02T17:47:17Z

Created page with "Counsel is correct that this is a “Ladybird Deed”, but the problem is that its recognition in MO is based on a case from 1953. It hasn’t been overturned by the courts o..."

New page

Counsel is correct that this is a “Ladybird Deed”, but the problem is that its recognition in MO is based on a case from 1953. It hasn’t been overturned by the courts or eliminated by statute, but I wouldn’t say it’s been enthusiastically affirmed by the courts either since then. Without a statute, we always have the risk that a court may decide they no longer likes a previous decision or may decide to introduce a new nuance that it previously didn’t recognize.

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 ==Overview==
 ===Sources===
 ===Compliance===
 ===Forms===
 ===Search===
 ===Examination===
 ===Underwriting===
 ===Recording===
 ===Pricing===
 ==Cross-References==

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 ==Overview==
 ===Sources===
 ===Compliance===
 ===Forms===
 ===Search===
 ===Examination===
 ===Underwriting===
 ===Recording===
 ===Pricing===
 ==Cross-References==

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 ===Recording===
-* Ladybird Deeds are recorded at the county Recorder of Deeds office.
+* Ladybird Deeds are recorded at the Recorder of Deeds office for the county where the subject property is located.
 ===Pricing===

← Older revision		Revision as of 13:10, 5 August 2019
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	Ladybird Deeds are found in the county Recorder of Deeds office. They would typically be indexed the same as any other standard Deed.		Ladybird Deeds are found in the county Recorder of Deeds office. They would typically be indexed the same as any other standard Deed.
		+
		+	Because a Ladybird Deed conveys a present vested interest, the names of both the Life Tenant and the grantees should be searched the same as any other owner in the Chain of Title.

	===Examination===		===Examination===

← Older revision		Revision as of 13:09, 5 August 2019
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	:"The said party of the first part hereby reserves a Life Estate in and to said property, with power to sell, rent, lease, mortgage or otherwise dispose of said property during his natural lifetime."		:"The said party of the first part hereby reserves a Life Estate in and to said property, with power to sell, rent, lease, mortgage or otherwise dispose of said property during his natural lifetime."
		+
		+	The grantor is free to act without the joinder of any of the grantees with regard to any power reserved in the deed including the ability to convey title and encumber the property.

	===Underwriting===		===Underwriting===

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 ===Examination===
-"The said party of the first part hereby reserves a Life Estate in and to said property, with power to sell, rent, lease, mortgage or otherwise dispose of said property during his natural lifetime."
+Although there is no exact language to create a Ladybird Deed in Missouri, the following is a typical example of language used because it (1) reserves a Life Estate in the grantor and (2) reserves the power of the grantor to convey and encumber the property for the duration of the Life Estate:
 ===Underwriting===

← Older revision		Revision as of 13:01, 5 August 2019
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−	~~Counsel is correct that this is~~ a ~~“Ladybird Deed”~~, ~~but~~ the ~~problem~~ is ~~that its recognition~~ in ~~MO is based on~~ a ~~case from 1953~~. It ~~hasn’t been overturned by~~ the ~~courts or eliminated by statute, but I wouldn’t say it’s been enthusiastically affirmed by~~ the ~~courts either since then~~. ~~Without~~ a ~~statute~~, ~~we always have the risk that~~ a ~~court may decide they no longer likes~~ a ~~previous decision or may decide to introduce a new nuance that it previously didn’t recognize~~.	+	==Overview==
		+
		+	Established by case law in Missouri. Different than a Transfer on Death Deed (TOD Deed) because it expresses a conveyance in the present tense and also reserves a Life Estate.
		+
		+	===Sources===
		+
		+	* There are no statues specifically related to Ladybird Deeds in Missouri.
		+	* Ladybird Deeds have been recognized at Common Law by the state of Missouri.
		+	* <u>St. Louis Cty. Nat. Bank v. Fielder</u>, 364 Mo. 207, 211, 260 S.W.2d 483, 484 (1953)
		+
		+	===Compliance===
		+
		+	Although title insurance agents are permitted to draft deeds in connection with title insurance closings, the drafting of a Ladybird Deed is more likely to be considered the unauthorized practice of law to the increased complexity involved in creating a Life Estate with additional powers being reserved to the grantor. It is strongly recommended that agents refer the drafting of any such Deed to outside counsel.
		+
		+	===Forms===
		+
		+	There are no specific forms for the creation of a Ladybird Deed in Missouri.
		+
		+	===Search===
		+
		+	Ladybird Deeds are found in the county Recorder of Deeds office. They would typically be indexed the same as any other standard Deed.
		+
		+	===Examination===
		+
		+	"The said party of the first part hereby reserves a Life Estate in and to said property, with power to sell, rent, lease, mortgage or otherwise dispose of said property during his natural lifetime."
		+
		+	===Underwriting===
		+
		+	* Ladybird Deeds are considered a present conveyance of fee simple title in Missouri and not a future interest.
		+
		+	===Recording===
		+
		+	* Ladybird Deeds are recorded at the county Recorder of Deeds office.
		+
		+	===Pricing===
		+	* Preparation
		+	* Recording
		+	* Taxes
		+
		+	==Cross-References==
		+	* [[Ladybird Deeds]]
		+	* [[Missouri]]
		+	** [[Deeds in Missouri]]
		+	** [[Transfer on Death Deeds in Missouri]]