• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key

image

Play button

image

Play button

image

Progress

1/30

Click to flip

30 Cards in this Set

  • Front
  • Back
Joint Tenancy
- survivorship
survivorship - surviving joint tenants automatically acquire interest of deceased joint tenant
What are "concurrent estates?"
shared undivided ownership of an estate
What are the 3 types of shared ownership?
1. tenancy in common
2. joint tenancy
3. tenancy by the entirety
Is tenancy an estate?
NO, the estate is what each joint tenant has, e.g. FSA
What happens to Joint Tenancy with "severance?"
Severance -
transfer during lifetime severs joint tenancy

severance creates tenancy in common
Is Right of survivorship a real "right?"
Not a right at all....more of a conditional opportunity or an expectation

joint tenanct can change this expectaion by SEVERANCE
If there are several tenants to make up the joint tenancy, if one person severs, does it affect the other tenants?
NO, the others are not affected by the severance of the one individual.
Crowther and Mower
Severed so now have tenancy in common FSA

as long as you are tenants in common, you share undivided ownership of the whole often is expressed as unity in possession this is not a prerequisite but a result of having joing tenancy - joint tenancy and tenancy by the entirety also have this
If you have a half interest or a quarter interest, do you only own a half or a quarter of the estate?
No, each person has an undivided interest in the entire estate.
Mower gives deed to X, saying I give you the NORTHERN half, who would own what after that deed?
Nothing was said about the south half, who owns?
They both own the entire estate, Mower and Crowther are still joint tenants on the southern half.

The northern half is now owned by X and Crowther. They are now joint tenants.
Can you give away a partial share of an estate?
Yes, you can give away what you own.
When do "shares" or "percent ownership" (e.g. you have a 25%-one quarter or 50%-one half interest) of an estate matter?
Only in partition, when you divide up the land.
How do we determine what type of joint ownership was created?
Ownership by more than one person is a TENANCY IN COMMON
When is joint ownership created which is NOT a tenancy in common?
When the GRANT states that it is something different
What are the 2 other ways the ownership of the estate may be described in the grant if NOT joint tenancy?
1. to "joint tenants" (and maybe also "w/right of survivorship)

2. to "tenants by the entirety" (maybe just "husband & wife") and grantees are married
Do joint tenants have to have the same share?
YES
What 4 unities are traditionally required for the creation of joint tenancy?
1. time
2. title
3. interest
4. possession
Unity of Time
interests of the joint tenants must arise at the same time
Unity of Title
present only if the interest are acquired thru the same instrument
Unity of Interst
tenants acquired identical interests, that is, in FSA or otherwise
Unity of Possession
a common right of possession and enjoymnet
If any unity is missing, what is created?
Tenancy in Common
What is the important consequence of a "severance?"
the right of survivorship is destroyed btwn the old tenant or tenants and the new
Anyone who desires to create a property arrangement btwn 2 or more persons so as to be assured that a right of survivorship will remain in tact, must keep what important point in mind?
Under the rules against restraints on alienation, there is NO WAY to prevent a joint tenant from conveying his interest and severing the joint tenancy.
When does the right of survivorship happen?
Immedeiately on the decedent's death

A joint tenant's interst can't be devised by will or pass by descent.
When the "undivided interests" are "divided", what is the effect?
It ends the joint tenancy
Who can "partition" and what is the result?
1. any joint tenant or tenant in common

2. either a physical division fo the land involved, a partition in kind, or a sale of the land and a division of the proceeds
Is the right to partition absolute?
No
When would a court deny "partition?"
When it would be inequitable to allow it.
What does a "tenant in common" own?
an undivided fractional part of the whole