Wednesday, September 26, 2007 7:04:36 PM
SAMUEL WILLISTON & GEORGE THOMPSON, SELECTIONS FROM WILLISTON’S
TREATISE ON THE LAW OF CONTRACTS § 64, at 77 (rev. ed. 1938).
the doctrine of nominal consideration has always allowed courts to undo a transaction when the
value given is insufficient to support an inference of real bargain.
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State of Vermont:
(a) Nominal consideration. A transfer for nominal consideration occurs when the sales price of the real property is significantly less than its fair market value.
www.state.vt.us/tax/pdf.word.excel/legal/regs/19601.pdf
So that's 1938 and 1979. 79 is pretty recent. I don't have a subscription to Lexus or Westlaw so it takes me awhile. lol
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