DEED OF GIFT made on [date], by [name] residing at [address] (the Donor) to [name], residing at [address] (the Donee).
WHEREAS, the Donor is the owner of a life estate in an oil painting called ----------, painted by ---------- (the Work); and
WHEREAS, the remainder interest in the Work was conveyed to [name of institution], a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code, by the Donor by Deed of Gift dated [date]; and
WHEREAS, the Donor, as an expression of the high regard he holds for the Donee, wishes to transfer to the Donee all of the Donor's right, title and interest in and to the Work;
NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS THAT:
1. Transfer of Donor's Interest. The Donor irrevocably gives, transfers, and assigns to the Donee all of the Donor's right, title, and interest in the Work, subject to the prior gift of the remainder interest in the Work to the ---------- Museum.
2. Delivery of Work. Simultaneously with the execution of this Deed of Gift the Donor will deliver the Work to the Donee at the Donee's residence at [address].
3. Donor's Death. Immediately upon the Donor's death, the Donee will deliver possession and control of the Work to [name of institution].
IN WITNESS WHEREOF the Donor has executed this Deed of Gift the day and year first above written.
The above described gift is accepted by [name] upon the terms and conditions contained in the Deed of Gift.
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