Concurrent Estates Flashcards
1
Q
Joint Tenancy (J/T)
A
- Creation = 4 unities TTIP (time, title, interest, possession) + express language (w/ right of survivorship)
- Destruction = can be partitioned or severed
~ GSAM = giving it away, signing a contract of sale, actual judicial sale by creditor, or granting a mortgage in a title theory state - CANNOT given a JT interest away via will —- NOT descendible or devisable, IS alienable
2
Q
Tenancy in Common (TIC)
A
- Creation = only the right to possess the whole is needed —- no survivorship right
- each interest is advisable, descendible, and alienable
3
Q
Tenancy by the entirety (TIE)
A
- Creation = similar to JT, but parties must be married
- terminated only by death, divorce, mutual agreement, or mutual creditor of both executing on its interest
3
Q
Tenancy by the entirety (TIE)
A
- Creation = similar to JT, but parties must be married
- terminated only by death, divorce, mutual agreement, or mutual creditor of both executing on its interest
4
Q
Relations among co-tenants
A
- Possession: each T may possess the whole
2.Profits: co-T does not have to share profits that he makes through his own efforts from the land
~exception = if there is ouster, depletion of natural resources in a way that decreased the value of the land, or lease to a 3rd party
3.Right to contribution: for taxes, mortgage payments, and necessary repairs
