Co- Ownership 2 Flashcards
Can only be created between married persons (spouses).
Tenancy by the Entirety
Tenancy by the Entirety:
The four unities are required (time, title, interest, and possession) plus a fifth,
the unity of marriage
Does the surviving spouse have a right of survivorship in a tenancy by the entirety?
YES, the surviving tenant has the right of survivorship.
Both spouses are considered to hold as one person at common law both are seized of the entirety. What does this refer to?
Tenancy by the Entirety
Neither spouse can defeat the right of survivorship by a conveyance to a third party- only a conveyance by both spouses can accomplish this.
What type of concurrent interest?
Tenancy by the Entirety
Neither spouse acting alone has the right to judicial partition of the property.
What type of concurrent interest?
Tenancy by the Entirety
___________ __________ the tenancy by the entirety because it ends the marriage (which is one of the five unities.) Typically, after a divorce, the parties become __________ ____ __________.
divorce terminates
Tenants in common
No unilateral conveyances in what type of concurrent interest?
Tenancy by the Entirety
Both spouses have to work together to convey in what type of concurrent interest?
Tenancy by the Entirety
If you get _________, you are likely to become a tenant in common unless divorce decree gives real property to one spouse or the other.
divorced
O –> A, B, and C as joint tenants. Later A —> D. Later B dies intestate, leaving H as his heir. What is the state of the title, or who gets what? What if B died leaving a will devising his property to H?
C has to 2/3 and D has 1/3 and they are tenants in common with each other.
T devises. Aqua acre “to A and B for their joint lives, remainder to the survivor. What interests are created by the devise? How do a joint tenancy and the above conveyance differ?
A and B have a joint life estate and the survivor has a contingent remainder.
A and B cannot unilaterally convey away their ownership rights in this conveyance. If they work together, they can do it. A or B will be the survivor and they can work together to convey away their rights but if it had simply said T conveys to A and B as joint tenants with right of survivorship A could see that and sell his interest to somebody else.
A and B are engaged. Two weeks before the wedding they buy a house and take title as “A and B as tenants by the entirety.” Several years after the marriage, A moves out and conveys her interest in the property to her brother C. C brings an action to partition the property. What’s the result?
Can someone who is a tenant by the entirety unilaterally sever by selling to someone else? No. Can they get a partition action? They cannot so it was okay for C to do what C did here.
They were not married so they had a tenancy in common – default form of co-ownership. Despite the fact that the deed says it is a tenancy by the entirety it is a tenancy in common and C is free to seek a partition action.
If you are the attorney who is asked to consult on this- what documents do you want to see? Deed and marriage license because you don’t want to read the deed that says tenancy by the entirety and believe that it is true. The deed could be wrong.
In some jurisdictions that are weird the fact that you do get married could reform this deed but not in most places but they way I just taught you is the way I want you to answer.
One joint tenant may ____________ terminate a joint tenancy without the use of an intermediary device.
unilaterally
Sneaky wife. She goes to an attorney and historically the typical method would be to convey it to someone else. The someone else is a
strawman.
Where A and B, joint tenants die in a common disaster with no sufficient evidence of who died first, Uniform Simultaneous Death Act says that
½ of estate passes as if A survived B and ½ as if B survived A.
If A and B are joint tenants and A murders B, the Uniform Probate Code says that the murder
severs the joint tenancy and converts it to a tenancy in common. The murderer gets his/her 1/2 , but the decedent’s share goes to his/her estate.
For a joint tenant, mortgaging their interest in the property in a title theory state severs the joint tenancy.
A. True
B. False
A. True
Lien Theory of Mortgages says that the ______________ (__________) keeps legal title and the ___________(__________) has only a lien on the property.
Mortgagor (Borrower)
Mortgagee (Lender)
_________ _________ of ___________ says that the Mortgagor (Borrower) keeps legal title and the Mortgagee (Lender) has only a lien on the property.
Lien Theory of Mortgages
_________ __________ of _________- says that the Mortgagee takes title to the land and the Mortgagor retains only the equity of redemption.
Title Theory of Mortgages
Title Theory of Mortgages says that the ____________ takes title to the land and the ____________ retains only the equity of redemption.
Mortgagee
Mortgagor
A joint tenancy is not severed when one party mortgages their interest in a _______ ________ __________.
lien theory state
If the debtor joint tenant dies before the creditor collects the creditor is out of luck. True or False.
True
If the ______ ________ ________ dies before the creditor collect the creditor is out of luck.
debtor joint tenant
1.If the court had instead held that the mortgage severed the joint
tenancy, what effect would paying off the mortgage have had during
John’s lifetime?
Would paying off the mortgage have magically restored the right of survivorship between William and john?
NO that doesn’t work. Because to create a Joint Tenancy you need time, title, interest, and possession.
- What if William had died first, Sprague had not paid the note off,
and the Simmons foreclosed, would the whole property be subject
to the mortgage, or only a ½ interest in it?
William dies first. John owns the whole thing.
Classic Joint Tenancy – you have an undivided interest in the whole and now that they are the sole owner the whole thing gets encumbered.
3.A and B own Black acre in joint tenancy. A conveys a 10 year
term of years to C. After 5 years, A dies, devising all of his property
to D. What are B’s rights?
Think of this as a 10-year lease.
Assuming that the lease did not sever the joint tenancy When A dies devising the property to D. Who owns the property?
Now that B owns the whole thing what can B do to the tenant C?
The act of leasing it doesn’t sever it. The owner is getting it back at the end of the lease and they are just temporarily relinquishing possession. They are not transferring ownership
B owns the whole thing. Right of survivorship trumps the will.
they can kick them out.
If you are representing a tenant. It would be a good idea to find out how the property is owned. You don’t want your landlord to die, and the surviving joint tenant says I didn’t want you to lease it and kicks you off. True or False.
True