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;
8 Cards in this Set
- Front
- Back
|
Joint Tenancy
|
Two or more owners with a right of survivorship
*on death goes to joint tenatn *alienable, but not devisable or descendible |
|
|
Tenancy by the entirety
|
Marital interest with a right of survivorship
*arises presumptively to any married *creditors of one married spouse cannot reach the asset *cannot be unilateraly severed |
|
|
Tenancy in Common
|
Two or more owners with no right of survivorship
|
|
|
Creation of a Joint Tenancy
|
T-TIP
Time: need to be made at the same time Same title Identical interests Possess the whole (rights to) *MUST CLEARLY express the right of survivorship |
|
|
Severance of a Joint Tenancy
|
*transer of interest...creates TIC
*entering into a contract for the sale of the contracting parties interest (Equitable conversion) Severance partition *voluntary agreement *partition in kind (physical division by court) *Forced sale--court action, if in the best interests of all involved, the property is sold with the proceeds divided proportionately *Severance and mortgage: Title theory: severs (minority) Lien theory: no (majority, CA) |
|
|
Tenancy in Common
|
*Each co-tenant owns an individual part, but has righst to possess the whole
*devisable, descendible, and alienable *favored presumption |
|
|
Rights and duties of co-tenants
|
*each can possess & enjoy the whole
*no liable to others for rent (unless ouster) *Fair share of rent from third parties *no adverse possession absent ouster (can't meet hostility requirements) *responsible for share of carrying costs (taxes, mortgages) *right to contribution for reasonable and necessary repairs, as long as communicating need to co-tenants *no right to contribution for improvements, however will get credit equal to increase in value due to effor *A co-tenant must not commit waste *a joint tenant or tenant in common can bring an action for partition |
|
|
Wrongful ouster
|
excluding another co-tenant from possession of the whole or any part
|
