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7 Cards in this Set
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- Back
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Relations Among Concurrent Owners → Be Good or Be Gone!
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Relations Among Concurrent Owners → Be Good or Be Gone! Requires ____ owners, b/c if it were only ____, then it would be between, not among. • Their rights of use are reciprocal. Each has the right to use the entire property consistent with the right of the other(s) to do the same.
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Relations Among Concurrent Owners → Be Good or Be Gone! Requires 3+ owners, b/c if it were only 2, then it would be between, not among. • Their rights of use are reciprocal. Each has the right to use the entire property consistent with the right of the other(s) to do the same.
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Partition: The right to end the relationship _____ by _____ action. If concurrent owners can’t get along, they have the right to _____ the property ______ or ______.
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Partition: The right to end the relationship judicially by equitable action. If concurrent owners can’t get along, they have the right to partition the property voluntarily or judicially.
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What does it mean to partition something voluntarily?
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• Voluntarily → They can sell and split the proceeds or they can physically divide up the premises. They just exchange deeds.
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What does it mean to partition something judicially?
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• Judicially: Equitable Action of Partition → where the court will end the relationship for them by directing (1) a physical division, a division in kind, or (2) a sale and a division of the proceeds.
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• Partition is available to _____ and _____, but not _______s.
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• Partition is available to TICs and JTs, but not TBEs.
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What does common sense say about the partition?
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• Common sense suggests that it be done informally, voluntarily, not in court. Put a big smile on your face and you list the property for sale. The minute folks smell distress, they detect a bargain. But, for some situations, a lawsuit is the only thing that will do, e.g. nasty divorces, nasty breakups of formerly long term relationships, i.e. business partnerships.
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