Virginia  |  Business Law

Legal Question

Asked on: 9/03/13, 6:32 pm

A group of friends decide to buy season tickets for the local college's football team. "Al" is a booster club member and volunteers to make the necessary tax deductible donation(to be able to buy the quantity of tickets needed) and buy the tickets in his name. In the spring, Al collects the money from his friends for the ticket face value only, deposits the funds into his account and orders the tickets. They arrive in the fall and he distributes the tickets to his friends. When does Al lose right of ownership of the tickets,in the spring when he deposits the funds or the fall when he hands out the tickets?

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