Concurrent Estates

Question 1

Concurrent Estates

Answer 1

Joint Tenancy with Right of Survivorship (JTROS), Tenancy by Entirety, Tenancy in Common

Question 2

Creation of JTROS

Answer 2

4 unities (T-TIP)

T - Time
T - Title
I - Identical Interest
P - Possession of the Whole

Question 3

Qualities of JTROS

Answer 3

Right of Survivorship, Not devisable/descendable,

Question 4

Use of a Straw

Answer 4

The use of a middle man to create a JTROS because of the 4 unities requirement

Question 5

Severance of JTROS (SPAM)

Answer 5

S - Sale - Can sell during lifetime only (equitable conversion)
P - Partition - Voluntarily, Partition In-Kind, Forced Sale
A - Agreement
M - Mortgage - Can execute a mortgage or lien

Question 6

Title Theory

Answer 6

If JTROS tenant executes mortgage or lien on property the presence of that mortgage or lien will sever the joint tenancy to that encumbered share only.

Question 7

Lien Theory

Answer 7

The execution of a mortgage or lien on property held in JTROS will not sever Joint Tenancy

Question 8

Tenancy by Entirety

Answer 8

Martial interest between married partners with right of survivorship. Usually any conveyance to married partners unless conveyance states otherwise.

Creditors of one spouse cannot touch held property.
Neither tenant acting alone can defeat this with a unilateral conveyance

Question 9

Tenancy In Common

Answer 9

Two or more own without a right of survivorship.

Each co-tenant owns individual part, and has the right to posses whole.

Each interest is devisable, descendable and alienable.