Concurrent Estates

Question 1

Joint Tenancy Defined

Answer 1

2 or more own w/ the right of survivorship (RoS)

Question 2

Tenancy by the Entirety Defined

Answer 2

a marital interest between married partners w/ the right of survivorship

Question 3

Tenancy in Common Defined

Answer 3

2 or more own w/ no right of survivorship

Question 4

The Joint Tenancy

Distinguishing Characteristics

Answer 4

A-Distinguishing Characteristics:

 1. right of survivorship--when 1 JT dies, share automatically goes to survivor
 2. JT's interest is alienable (not devisable or defeasible because RoS)

Question 5

The Joint Tenancy

Creation of JT

Answer 5

1. the 4 unities: "t-tip"
          t-at the same time
          t-by same title
          i-w/ identical shares
          p-right to possess the whole
     2. grantor must clearly express RoS
     3. use of a straw

Question 6

The Joint Tenancy

Severance of JT

Answer 6

“SPAM”: Sale, Partition And Mortgage
1. severance and sale: i-a JT can sell or transfer her interest during her lifetime (severs the JT, becomes tenants in common); ii-in equity, a JT’s mere act of entering into a K for the sale of her share will sever the JT
2. severance and partition: 3 variations: i-by voluntary agreement; ii-partition in kind (court action for physical division of property); iii-forced sale
3-severance and mortgage: rule: 1 JT’s execution of a mortgage or a lien on his or her share will sever the JT as to that now encumbered share only in the minority of states to follow the title theory of mortgages–majority of states follow the lien theory of mortgages, whereby a JT’s execution of a mortgage on his or her interest will not sever the JT

Question 7

The Tenancy by the Entirety

How to Create

Answer 7

between married persons w/ right of survivorship
-in those states to recognize the tenancy by the entirety, it arises presumptively in any grant to married partners unless otherwise stated

Question 8

Tenancy by the Entirety

Very Protected form of Co-Ownership

Answer 8

a-creditors of only one spouse can’t touch it

b-neither tenant, acting alone, can defeat right of survivorship by a unilateral transfer to 3rd party

Question 9

The Tenancy in Common

Answer 9

3 features:
1-each co-tenant owns an individual part, and each has a right to possess the whole
*2-each interest is devisable, descendable, and alienable–there are no survivorship rights between tenants in common
3-the presumption favors tenancy in common