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26 Cards in this Set

  • Front
  • Back
1. Joint tenancies
2. Tenancies-in-Common
What is the right of survivorship?
The surviving JTs take automatically on death of a JT; they do not inherit the share.
What is the right to partition?
1. Any JT can ask that property be partitioned: lines are drawn and the party is no longer a JT.
2. Can come by agreement of parties, or court can draw the lines; if lines can't be draw, court can sell property and divide proceeds.
Creation of a joint tenancy?
Requires the 4 Unities of Time, Title, Interest, & Possession.
Define each element of the 4 unities?
1. Time-all interests must have vested at the same time
2. Title-the grant to all JTs must be by the same instrument
3. Interest-all JTs must take the same time and same amount of interest
4. Possession-all must have identical rights of possession.
Language needed to create a joint tenancy?
Must clearly make intention known, because if intent of the grantor is unclear, court construes the interest to be a tenancy in common.
Necessary language on exam?
"As joint tenant, with right of survivorship" or "in joint tenancy with right of survivorship"
Destruction of joint tenancy?
1. Partition: a voluntary destruction
2. Severance: an involuntary destruction. Occurs whenever any one of the four unities is disturbed.
The Four ways to sever?
1. Conveyance
2. Mortgage
3. Contract of Sale
4. Creditor's Sale
What's a conveyance?
One JT's transfer of his or her interest creates a severance that destroys just the seller's joint tenancy, turning it into a tenancy in common in the buyer, with the other JTs continuing to hold their interests in joint tenancy.
A mortgage (lien theory)?
Lien theory (majority): no severance of the Joint tenancy. When mortgage is executed, a lien merely attaches to the title; title does not get transferred, so no unity is disturbed.
A mortgage (title theory)?
Minority view. Severance. When mortgage is executed, title actually passes from mortgagor to mortgagee; even though, later on, the title goes back to the mortgagor, the unity was disturbed.
Contract of sale?
Doctrine of equitable conversion means severance occurs when a contract of sale is signed
Creditor's sale?
No severance until actual judicial sale. A creditor's judgment lien is not enough-there has to be an actual judicial sale.
Intro Card
Two characteristics of a Tenancy in Common?
1. Right to partition
2. NO right to survivorship
What unity is required for tenants in common?
Only one unity: POSSESSION!
All tenants in common must have equal rights of possession.
Intro card
What are the 3 aspects to consider under incidents of co-ownership?
1. Possession
2. Accountability
3. Contribution
What is possession?
Each co-tenant has the right to possess all the property consistent with the other co-tenants' rights to also possess it all.
Requirement that one co-tenant may have to account to another for a share of profits the co-tenant received.
What does getting an accounting mean?
Getting a share of the profits from a co-tenant.
What is the general rule on accounting between co-tenants?
One co-tenant does not have to account to another co-tenant for a share of the profits.
The 4 exceptions to the general rule on accounting?
1. Ouster-accounting is required if one co-tenant is either keeping a co-tenant off the property, or claiming a right of exclusive possession
2. Agreement to share
3. Lease of the property by co-tenant to a third party
4. Contribution-right of one co-tenant to force others to pay their share of some expenditure co-tenant made.
Is there contribution for improvements or non-necessary repairs?
No, but money spent may later be recouped at partition or sale of property.
What else is contribution available for?
Available for any mortgage on the property (signed by all co-tenants), or any governmentally imposed obligation