co-ownership and marital interests

Question 1

3 kinds of concurrent estates

Answer 1

1) tenancy in common - (most common) - if you don’t create another one, the law will presume this. Can have 1% and 99% or any combo in between. May be alienated separately from the other tenancy in common.
2) jt tenancy - anyone can have this - right of survivorship. Can sever. Mortgage does not sever (harms v. sprague)
3) tenancy by the entirety - only available to husband and wife - indestructible suvivorship - can’t sever. Prevents creditors of either spouse of seizure of their interest.

Question 2

joint tenancy unities

Answer 2

time (acquired or vested at the same time), title (the same), interest (equal shares), possession

Question 3

avoidance of probate

Answer 3

happens in joint tenancy. It is the judicial supervision of th administration of the decedent;s property that passes to others at death

Question 4

coveyances severing jt interest?

Answer 4

depends on the intent and risk bearing. Ct has latitude to determine result.

Question 5

convenience account

Answer 5

power to draw on the account to pay bills and not have survivorship rights

Question 6

majority jurisdictions on joint bank accounts

Answer 6

surviving jt tenant takes the sum remaining on deposit in a jt account unless there is clear and convincing evidence that a convenience account was intended. Presumption that jt account belongs to the parties in proportion to their net contribution

Question 7

POD account

Answer 7

payment on death account

Question 8

partition in kind

Answer 8

Physical division. courts will order it unless a party can prove either: 1)that physical partition is impossible or extremely impractical, 2)not in the best interest of all parties

Question 9

cotenant in exclusive possession liability to other

Answer 9

majority rule is that a cotenant is exclusive possession has no liability for her share unless: 1)other has been ousted (prevents or bars physical entry, or denies cotenants claim to titl) 2)cotenant in possession owes a fiduciary responsibility to other, 3)cotentant in possession has agreed to pay rent.

Question 10

community property vs CL states

Answer 10

community property - everything is 50-50 except stuff at beginning
CL - own according to title