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Flashcards in concurrent estates Deck (47)
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1

3 forms of concurrent ownership

1) joint tenancy
2) tenancy by the entirety
3) tenancy in common

2

joint tenancy def

2 or more won with right of survivor ship

3

tenancy by the entirety def

b/w MARRIED partners with right of survivor ship

4

tenancy in common def

2 or more own with NO right of survivor ship

5

joint tenancy distinguishing characteristics

1) right of survivor ship: when 1 dies, share goes directly to surviving joint tenants
2) joint tenants is ALIENABLE, but NOT DIVISIBLE or DESCENDIBILE

6

how to create joint tenancy (4 unities T-TIP)

joint tenants must take their interests
1) T: same TIME
2) T: same TITLE (instrument)
3) I: identifiable interest
4) P: POSSESS as whole

7

must the grantor CLEARLY express the right of surviorship for joint tenancy

YES

8

why are joint tenancy disfavored

b/c avoids probate , thus in addition to 4 unities, grantor must clearly state RIGHT OF SURVIVOR SHIP

9

does IL need to use a straw man

NO

10

use of a strawman

to create joint tenancy o had to transfer to straw who would transfer it back to O and joint tenant with same instrument and right of surviorship language to create a valid J/T

11

acronym for SEVERANCE of a j/t

SPAM
1) Sale
2) Partition
3) And
4) Mortgage

12

can a j/t sell or transfer their interest during lifetime secretly?

YES. even w/o others knowledge or consent

13

what is a buyer of a j/t sale?

they are only tenants in common

14

What if there are more than 2 j/t and 1 sells right?

j/t remains in tact, as b/w the other non-transferring j/t
- buyer only becomes tenants by common

15

in equity what result will a j/t mere act of entering into K sale for her share do?

sever j/t as contracting parties interest under
1) doctrine of equitable conversion

16

3 different ways for severance with partition of j/t

1) voluntary agreement
2) partition in kind
3) partition of sale

17

partition in kind

court action PHYSICAL division of blackacre IF IN BEST INTEREST of ALL
- physically divide property

18

forced sale in j/t for severance and partition

court action if BEST INTEREST OF ALL where blackacre is SOLD and proceeds are distributed proprietorially

19

2 different theories for severance and mortgage of j/t

1) title theory
2) lien theory

20

minority for severance and mortgage of j/t TITLE THEORY

1 J/T execution of a mortgage or a lien on his or her share WILL SEVER the j/t as to that encumbered share

21

majority for severance and mortgage of j/t LIEN THEORY

whereby a j/y execution of a mortgage on his share WONT SEVER j/t

22

does IL follow title theory or lien theory of severance of mortgage

LIEN THEORY

23

Tenancy by the entirety how to create

b/w MARRIED COUPLES with right of survivor ship

24

do most states that recognize the tenancy by the entirety, it arises a presumption?

YES at CL in any grant to married couples

25

in IL do you need EXPRESS grant language to create tenants by entirety

YES must expressly state, unlike majority.

26

what to remember by the co-ownership of tenants by the entirety (CANT TOUCH THIS)

very protective form of co-ownership

27

can creditors of only 1 spouse touch the tenancy if tenants by the entirety

no

28

under tenants by entirety can either tenant acting ALONE defeat right of survivor ship

NO. neither tenant acting alone can defeat the right of survivor ship by UNILATERAL transfer by 3rd party

29

tenancy in common

1) each co-tenant owns AN INDIVIDUAL PART and each as a right to POSSESS THE WHOLE
2) each interest is DIVISIBILE, DESCENDIBILE AND ALIENABLE. no right of survivor ship
3) presumption favors tenancy in common

30

is there any right of survivor ship in tenancy in common

NO