Concurrent Ownership Flashcards
(23 cards)
What is a central concept in American property law regarding ownership?
Multiple people can hold interest in the same land at the same time.
What rights do owners have under concurrent ownership?
Equal rights to use and enjoy the entire parcel of property.
What are the three basic types of concurrent ownership?
- Tenancy in Common
- Joint Tenancy
- Tenancy by the Entirety
Define Tenancy in Common.
Each tenant has a separate, undivided interest in the whole property.
What is the default presumption for conveyances to two or more unmarried persons?
It creates a tenancy in common unless stated otherwise.
Define Joint Tenancy.
Joint tenants have an undivided ability to use and possess the whole property with a right of survivorship.
What are the four unities required to create a Joint Tenancy?
- Time
- Title
- Interest
- Possession
What happens to a joint tenant’s interest upon their death?
It automatically transfers to the surviving owners.
What must a conveyance explicitly state to create a Joint Tenancy?
The right of survivorship.
What occurs when one joint tenant transfers their interest?
The joint tenancy is severed and turns into a tenancy in common.
What is the Title Theory regarding mortgages?
A mortgage is seen as a conveyance of the title, which severs joint tenancy.
What is the Lien Theory regarding mortgages?
A mortgage is viewed merely as a lien to secure repayment and does not sever joint tenancy.
What is a Partition in Kind?
Divides the property equitably into separate parcels.
What is Partition by Sale?
Sell the property and divide the proceeds according to ownership interests.
What is the rule regarding rent owed by a co-tenant in possession?
Each co-tenant must pay their pro rata share of operating and maintenance expenses.
What occurs if a co-tenant in possession ousts another co-tenant?
The ousting co-tenant is liable for the ousted co-tenant’s pro rata share of rental value.
What is the modern separate property system during marriage?
Property is separately owned by the spouse who acquires it.
What happens to property at divorce under the modern separate property system?
Equitable distribution of property owned by each spouse.
What is the modern community property system?
All earnings and assets during the marriage are owned equally by spouses.
What is Tenancy by the Entirety?
A form of concurrent ownership between husband and wife with an indestructible right of survivorship.
What can sever a Tenancy by the Entirety?
Death, divorce, or agreement of both spouses.
What is the ruling in Sawada v. Endo regarding Tenancy by the Entirety?
A spouse’s interest is not subject to the claims of individual creditors during the joint lives of the spouses.
What does the case Guy v. Guy establish about professional degrees?
A professional degree obtained during marriage is not marital property.
