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;
7 Cards in this Set
- Front
- Back
|
What is the format of a co-ownership problem question |
1. Initial purchase What type of trust? Formalities Legal title (who owns it? JT or TIC 2. What has happened since? Work chronologically - Issues of severance and survivorship Effect on legal and equitable title ( you must conclude after every event) 3. Sale/ termination Apply TOLATA for this question Apply IA if a bankruptcy situation 4. Overreaching |
|
|
When two more people buy a property, what type of property is that |
A trust property |
|
|
What are the name of those who are legal owners |
Trustees |
|
|
Those that are considered as beneficiaries are what type of owners |
Equitable owners |
|
|
What are the formalities for a valid express trust |
a) in writing b) signed |
|
|
Legal title will be held by a maximum of how many people |
4 |
|
|
Joint tenants and tenants in common can have what type of title |
Equitable title |
