Concurrent Estates: Intro and Joint Tenancy Flashcards Preview

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Flashcards in Concurrent Estates: Intro and Joint Tenancy Deck (10)
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1
Q

What are the three concurrent estates?

A
  1. joint tenancy
  2. tenancy by the entirety
  3. tenants in common
2
Q

What is a “joint tenancy”?

What issues arise?

A

2+ owners with a right of survivorship

Alienability –> Yes, but severs JT as to tenant that transfers

Issues that arise:

  1. formation
  2. severance
3
Q

What is required to create a “joint tenancy”? (2)

A
  1. EXPRESS statement of survivorship
    NOTE: without express statement, it’s presumed to be a TIC
  2. Four Unities (T-TIP)
    (i) Time
    (ii) Title
    (iii) Identical Interest
    (iv) Possession
4
Q

Describe the four unities required for a joint tenancy.

A

T-TIP

  1. Time - Tenants must acquire their interest at the same time
  2. Title - by same instrument
  3. Identical Interest - their interest must be identical
  4. Possession - each one must have the right to possess the whole
5
Q

In general, what are ways to sever a joint tenancy?

A

SPaM

  1. Severance by sale (or involuntary conveyance)
  2. Severance by Partition (break up of the relationship)
  3. Mortgage (Two Approaches)
6
Q

What are the rules w/ regards to severance of a joint tenancy by sale ?

A

JT can sell/transfer her interest intervivos

EFFECT –> severs JT as to transferee, but not as to other remaining. Transferee becomes TIC.

NOTE –> sale may be done secretly and without consent

NOTE –> under common law doctrine of “equitable conversion” mere act of entering into K to transfer JT interest severs the JT effective as of date K is entered into

7
Q

What are the rules w/ regards to severance of a joint tenancy by partition?

What are the three ways to do a partition ?

A
  1. Voluntary Partition by agreement of all parties
  2. By Court Action:
    (i) “partition in kind” - court action for physical division of blackacre if in the best interests of all
    (ii) “forced sale” - court action for forced sale and division of proceeds if in the best interests of all
8
Q

What are the rules w/ regards to severance of a joint tenancy by mortgage ?

A

Majority Approach (“Lien Theory of Mortgages”) –> mortgaging interest does NOT sever joint tenancy

Minority Approach (“Title Theory of Mortgages”) –> mortgaging interest DOES sever JT as to his interest

9
Q

Do judgment liens sever JT?

A

Nope, not until actually sold at foreclosure sale

10
Q

What is the effect of a testamentary disposition of a JT’s interest?

A

It is ineffective, bc at death the testator’s interest vanishes.