Written by attorneys · grounded in primary & secondary sources — see below
A party who conveys an interest in property to another. The conveyance may occur by deed, will, operation of law, or assignment of contract rights, and the transferor may retain reversionary or other interests after the transfer.
Tiana Tan conveyed her historic mansion to a museum by deed that limited its use to a public gallery. She immediately executed a second deed transferring her retained future interest to her descendant Lucas. The second deed operated on the reversionary interest left in the transferor after the initial conveyance.
Tanner Thompson transferred his leased commercial building to Talon Security while remaining personally bound on the original lease covenants. The lease required ongoing maintenance that touched and concerned the property. Because the obligation rested on privity of contract, the transferor stayed liable after the transfer.
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Tabitha Taylor transferred her limited partnership interest in a resort venture to her niece. The transferee became entitled only to the distributions the transferor would have received. The transferor retained all management rights and duties under the partnership agreement.
Tyler Taylor assigned his partnership interest in a logistics firm to True North Logistics. The assignee received only the right to distributions the transferor would otherwise have obtained. The transferor kept all other partner rights and obligations.
Tracy Torres died owning several parcels of real property. Title passed directly to her heirs by intestate succession without any deed from the transferor. A court-appointed administrator later executed a confirmatory deed to perfect the record title.
Talia Torres conveyed mortgaged rental property to Trailblazer Airlines subject to the existing mortgage. The transferor remained personally liable on the mortgage covenants to the extent the liability existed before the transfer. The mortgagee could still pursue the original transferor for any deficiency.
A transferor remains obligated on express lease promises that touch and concern the property when the obligation rests on privity of contract and the landlord has not released the transferor. The transferor is also liable if the obligation rests on privity of estate and the transfer does not end that privity.
The transferee obtains only the right to receive distributions to which the transferor would otherwise have been entitled. The transferor retains all other partner rights and duties, including management participation and access to information.
Title passes without a deed from the transferor in cases such as intestate succession, adverse possession, foreclosure, or tax sale. A fiduciary may later execute a deed to perfect record title, but the initial transfer occurs by operation of law under probate or related statutes.
The transferor remains personally liable on the mortgage covenants and the secured obligation to the extent that liability existed before the transfer. The mortgagee may enforce those obligations against the original transferor even after the conveyance.
…rights of one not a holder in due course were subject to all legal defenses which the maker of the instrument had against the transferor. N. J. S. A. 7:2-58; (2) it is opposed to the spirit of N. J. S. 2A:25-1, which provides that an obligor sued by an assignee “shall be allowed all defenses he had against…