Concurrent Ownership Titles Flashcards
(34 cards)
Co-Tenant
Right to use and possess the entire property
Tenancy in Partnership
cotenancy used by individuals who want to jointly own and manage a business
Severed Joint Tenancy happens when
When one joint tenant transfers their interest
Tenancy in Common
Different from joint tenancy b/c there is no right of survivorship - different time and title (assume JT severed)
Probate
judicially supervised process for administering the estate of a decedent. Costly endeavor for distributing assets that can take months.
jus accrescendi
right of survivorship - an expectancy and not irrevocably fixed upon creation of the estate
Partition Judgment
When cotenants want to part ways - PJ ends CT and distributes its assets.
Partition
Division of land held in cotenancy into the cotenants respective fractional shares p. 388 (Ark)
Ouster
When a cotenant in possession refuses to allow another cotenant to occupy the property.
Accounting
Equitable action in which a cotenant seeks to obtain his share of the rents or profits generated by the property.
Contribution Action
When a cotenant seeks reimbursement form her cotenants for expense she has paid for the operation or maintenance of P
Palimony Action
A court’s award of post-relationship support or compensation for services, money, and goods contributed during a long-term nonmarital relationship.
Jure uxoris
Upon marriage, woman loses her rights to property and everything is by way of the man to manage the P
Accounting
an equitable action in which a cotenant seeks to obtain his share of the rents or profits gener-
ated by the property
Contribution Action
a cotenant seeks reimburse-
ment from her cotenants for expenses she has paid for the operation or maintenance of the property.
Jure uxoris
“By the right of my wife” - Upon marriage, the wife’s status changed from a feme sole to a feme covert.
Feme sole
a single woman who had the right to own property
Feme covert
a “covered” woman who had no legal rights distinct from those of her husband
Widow Dower
In CL, when the husband died first, the widow a life estate in 1/3 of all the freehold land which was (a) owned by her husband and (b) inheritable by his issue.
Tort Judgment Creditor
When a tort victim is involuntarily a creditor by judgment
Income Producing Enterprise
Example is Professional Degree
Threshold Marriage
When a couple has no other invested asset and their education could become a P that can be distributed (clarify)
Putative Spouse
GF belief that they are married but in reality they are not.
Putative Spouse
GF belief that they are married but in reality they are not.
