Flashcards in CONCURRENT ESTATES Deck (11):
Define: The joint tenancy
2 or more own with the right of survivorship.
The joint tenancy. 2 distinguishing characteristics
1. The right of survivorship. When one joint tenant dies, his share automatically goes to the surviving joint tenants.
2.A joint tenant's interests is inalienable. it is not devisable or descendable because of the right of survivorship.
How do you create a joint tenancy?
1. Grantor must clearly express the right of survivorship.
2. Joint tenants must have the four unities.
Time Tittle Interest Right to posess the whole.
What happens if there are more than two joint tenants and one transfers his interest?
Only that sellers interest becomes a interest in tenant in common, the rest remain as joint tenants.
Doctrine of Equitable Conversion
equity regards as done that which ought to be done.
What are the 3 variations of Severance and Partition?
1. By voluntary agreement
2. Partition in kind A court action for physical division of Blackacre if in the best interests of all. Works best when there is sprawling acrage, farm huge tract of land.
3. Forced sale: A court action id in the best interest of all for blackacre to be sold with proceeds divided preportionately. Usually when a single building.
Severance and Mortgage, what is the minority view?
Minority view: One joint tenant’s execution of a mortgage or a lien on his or her share will sever the joint tenancy as to that now encumbered share
How do you create the Tenancy by the Entirety?
Married partners with the right of survivorship. Arises presumptively in any conveyance to married persons, unless stated otherwise.
Protections of Tenancy by the Entirety
Unilateral (by one spouse) creditors and unilateral conveyances cannot defeat the right of survivorship
What are the three features of The Tenancy in Common?
1. Each co-tenant owns an individual part, and each has a right to posses the whole
2. Each interest is devisable, decendable, and alienable. there are no survivorship rights for tenancy in common.
3. The presumption favors the tenancy in common.