REAL ESTATE

James owned a life estate in a farm and Melford owned the remainder interest. James and Melford agreed to sell their farm to Mo. On October 5, they executed a deed to Mo and the deed was held in escrow by a bank until Mo delivered a check for the purchase price, $300,000. James was killed in an automobile accident on October 25 and Mo delivered the check on November 29. James' estate claimed that the proceeds should be divided between the estate and Melford, as the parties had originally agreed. Melford claims that he is entitled to the proceeds because he was the sole owner when the deed was delivered on November 29. Who is correct? Why?