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Concurrent Ownerships Flashcards

(51 cards)

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0
Q

Tenants in common

Type of concurrent estate

A

To john & Jane and their heirs

Each party holds. 1/2 UNDIVIDED INTEREST

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1
Q

Concurrent estate

A

When two or more people hold title to the same estate

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2
Q

When on of tenants in common dies who takes prop?

A

Devisees or heirs

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3
Q

Can party of ten in common transfer interest without consent of another?.

A

Yes

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4
Q

What if one ten in common disagrees on management of prop?

A

It is partitioned

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5
Q

Can just using word jointly create a joint tenancy?

A

No need more. Jointly just means two people together.

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6
Q

To jane & john and their heirs w/ right of survivorship

A

Joint tenancy created

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7
Q

Joint tenancy

A

Each party holds a 1/2 interest with right if survivorship
Automatic process if one idea, other owns 100%
Each party can convey interest w/out consent of other
If can’t agree partitioned

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8
Q

Four fold unities

A 
Unity of:
Interest
Title
Time
Possession
PITT
Single entity created, if any violatin then defaults to ten. in common
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9
Q

Unity if interest

A

Each tenant owns an equal share

If 3,,,1/3, etc

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10
Q

Unity of title

A

One document, same conveyance

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11
Q

Unity of time

A

Each tenant vested at same time

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12
Q

Unity if possession

A

Usu. forms the problem.

Each tenant is seized if the entire estate.

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13
Q

Types of partition

A

By sale or in kind

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14
Q

In kind

A

Land is physically spli

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15
Q

Tenancy by entirety

A 
5th fold unity
Married only
Com law-husband control
Today, joint control
Need each other permission
If one owns debt if in ten entirety can't be seized .(unless creditor of both parties
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16
Q

Partition rights with tenancy by entirety?

A

No

Only divorce gets rid of it.

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17
Q

To john et aux

A

Tenancy by entirety

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18
Q

Curtesy

A

Husband gets a life estate on wife’s real estate when a child is born

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19
Q

Dower

A

Wife gets a life estate in 1/3 of husbands real estate if she survives him

Minority rule

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20
Q

Election

Study These Flashcards
A

Some states call a dower right. Get to chose what he owned w/in any part of marriage.
If give up dower rts surrender , take on will or intestate statute rights (most rather want this)

21
Q

Homestead

Study These Flashcards
A

Allows family prevent creditors from seizing a home. (Not mortgage co. Creditors, other)
Mass…must be a value above 500,000.

22
Q

Community property

Study These Flashcards
A

System used mostly in west. To control ownership of property obtained during marriage.

  • prop owned b4 marriage remains his/hers
  • prop acq durin-both
23
Q

Right of survivorship must be clearly expressed

Study These Flashcards
A

Or you get a ten in com on FSA

Or ten in common in life estate w/cont remainder in FSA inthe SURVIVOR.

24
Is a mortgage a lien?
Yes by maj rule. If there a foreclosure legal title will be conveyed. Is mortgage paid off lien is extinguished
25
Lien
A security device, does NOT constiture a conveyance of land.
26
Minority rule mortgage
IS A CONVEYANCE of an estate. Of defeasible title to the bank Fee holder maintains equity of redemption Foreclosure then redempt is extinguished Paid off then reconveyed from bank to fee holder
27
Manic words for Joint tenancy
Right of survivorship
28
To john & Jane, | Husband & wife, & their heirs
Maj rule-ten in comm in FSA | Min- ten by entirety in FSA
29
Tenants by the Entirety as Joint Tenants “To John & Jane, husband & wife, as tenants by the entirety and to Sam & Susan, husband & wife, as tenants by the entirety, as joint tenants with the right of survivorship
Only if the four-fold unities are satisfied -Unity of interest Satisfied as each tenancy by the entirety holds the entire estate - Unity of Title Satisfied as each tenancy by the entirety received its interest in the same conveyance - Unity of Time Satisfied as each tenancy by the entirety vested upon conveyance -Unity of Possession Satisfied as each tenancy by the entirety is seized of the same estate Conclusion: tenants by the entirety can be joint tenants
30
Tenants in Common as Joint Tenants “To Jane & John as tenants in common and to Sally & Sam as tenants in common, as joint tenants with the right of survivorship”
Only if the four-fold unities are satisfied & Unity of interest? < Satisfied as each tenant in common holds the entire estate & Unity of Title? < Initially satisfied as each tenant in common received her interest in the same conveyance, but broken as soon as the first cotenant dies & Unity of Time? < Same as unity of title — broken as soon as the first cotenant dies & Unity of Possession? < Satisfied as each tenant in common is seized of the same estate & Conclusion: tenants in common cannot be joint tenants
31
Jackson v. O’Connell
Nellie Conveys Her a to Anna: -Anna now holds a as a tenant in common Anna & Katherine hold b as joint tenants anna dies: Anna’s two interests go to different people: Katherine gets the a that is held in the joint tenancy Nieces get the a that is held in the tenancy in common
32
To John & Jane, not as tenants in common but | as joint tenants with the right of survivorship?
Joint tenancy
33
To John & Jane for their joint lives, remainder | in the survivor of them?
Tenants in common in a life estate with a contingent remainder in the survivor < Grantor has a reversion
34
can contingent remainders be conveyed using a quitclaim deed?
no
35
Palmer v. Flint
Unto the said Nathan H. Palmer and Alice E. Palmer as joint tenants, and not as tenants in common, to them and their assigns and to the survivor, and the heirs and assigns of the survivor forever” p. 395, ¶ 3 She is claiming that the deed from the Federal Land Bank conveyed a life estate followed by a contingent remainder in the survivor instead of a joint tenancy in fee simple absolute Consequently, as the conveyance to Nathan was by quitclaim deed, the contingent remainder did not transfer to him; instead, it became possessory when Alice survived Nathan
36
in tenancy by entirety
creditor will attach survivorship right but only worth it if spouse in debt survives
37
If the non-mortgagor cotenant dies first, (lien state) | after death of jt. ten
the | value of the mortgage security increases
38
If the mortgagor cotenant dies first(lien state) | aftr death of jt. ten.
The mortgage security is extinguished & A remedy is usually still available, however, as a claim can be made against the mortgagor’s estate
39
As soon as a mortgage is granted, the four-fold unities have been broken (title state) after death of jt tent
As soon as a mortgage is granted, the four-fold unities have been broken Title — Cotenant and Bank got their interests in different documents Time — Cotenant vested at original conveyance; Bank vested when the mortgage was granted As the unities are broken, the joint tenancy is severed and the cotenancy is transformed into a tenancy in common
40
is mass a title state?
yes
41
how to sever a joint tenancy?
Establish the intent that the survivorship should terminate - Conveyance - Killing, or attempting to kill, the cotenant
42
how cotenants define rules/relat/obligations btwn themselves
contract | if none, law normative rules will apply
43
if one cotenant pays more than her portion of share what happens?
she is entitled to contribution from the other cotenants *any expense common to entire estate
44
do cotenants owe each other a fiduciary duty
yes *does not apply to charges that are against a cotenant’s share rather than against the entire estate
45
A house is held by two tenants in common, John and Jane. John occupies the house.
Jane is not entitled to anything — a cotenant is not obligated to pay the other cotenants rent for occupying the premises as all cotenants have a co-equal right of possession ' If, however, one cotenant prevents another from also possessing the property, damages for “ouster” are owed
46
“accounting
ct apts a special master (usu a CPA) will determine if expenses paid & profits recieved are out of balance
47
right to partition
Joint ten & ten in common | can be surrendered
48
intent to surrendor right to partition
only for a reas. period of timen (if violates RAP then unreas by def) -must be clearly stated in writing -The court might not enforce the agreement if circumstances between the parties have changed significantly enough to make enforcement unjust
49
paritioning a FUTURE INTEREST
The court might not enforce the agreement if circumstances between the parties have changed significantly enough to make enforcement unjust (Also, from a practical perspective, as you cannot split a future interest in kind, is it likely that anyone would buy the future interest at auction?)
50
private partition
best way: sell prop & split | avoids costly litigation

Property Law (16 decks)

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