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7 Cards in this Set

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Relations Among Concurrent Owners → Be Good or Be Gone!
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.
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.
Partition: The right to end the relationship _____ by _____ action. If concurrent owners can’t get along, they have the right to _____ the property ______ or ______.
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.
What does it mean to partition something voluntarily?
• Voluntarily → They can sell and split the proceeds or they can physically divide up the premises. They just exchange deeds.
What does it mean to partition something judicially?
• 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.
• Partition is available to _____ and _____, but not _______s.
• Partition is available to TICs and JTs, but not TBEs.
What does common sense say about the partition?
• 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.