Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
20 Cards in this Set
- Front
- Back
|
tenants in common
|
1. fractional interests in equal or unequal interests of the property
2. inheritable, devisable 3. no ouster 4. right of possession is the only unity 5. preferred today |
|
|
joint tenancy
|
cotenancy that was preferred at CL with rights of survivorship attached
|
|
|
Unities of Joint Tenancy
|
PITT
1. unity of possession 2. unity of interest 3. unity of time 4. unity of title Created in the same instrument |
|
|
Joint Tenancy Today
|
1. created by contract
2. must prove that there is joint tenancy (look to words in conveyance) |
|
|
Tenancy by the entireties
|
joint tenancy with marriage
|
|
|
Two kinds of partitioning
|
Partitioning in Kind
Judicial Partition |
|
|
Partitioning
|
Ending participation
|
|
|
Partition in Kind
|
proper partition awarded to the claimant
|
|
|
Judicial Partition
|
Property sold and court divides interests equally
|
|
|
Severance
|
JT may convey interest which destroys the joint tenancy creating tenants in common
|
|
|
Dower
|
wife gets 1/3 interest in all real property owned, or ever owned, by husband
|
|
|
Curtesy
|
husband manages wife's property and receives profits until death
|
|
|
Mortgage Title Theory
|
at the CL, a mortgagee (lender) owned the property; was a conveyance
-- could be treated as severance |
|
|
Mortgage Security Theory
|
modern day theory
mortgagee has a security interest, not title -foreclose to recoup debt -not a severance |
|
|
Fiduciary Duty of cotenants
|
"what one does for the property, one does for all"
1. basically it's proportional sharing -charges -upkeep -income -capital expenditures |
|
|
What is the only way to run adverse possession against a cotenant?
|
By excluding and denying the claim of the cotenant
|
|
|
Murder of cotenant
|
destroys joint tenancy, becomes tenancy in common
1. 1/2 goes to murderer and other half goes to next of kin of victim 2. some jurisdictions say murderer gets everything, some say he gets nothing |
|
|
Condominiums
|
real property interest with two elements:
1. common element 2. private element |
|
|
Timeshare
|
division of right based on time
|
|
|
Ouster
|
cotenant has absolute right in accounting for value lost as it pertains to his share
|
