concurrent estates Flashcards
3 forms of concurrent ownership
1) joint tenancy
2) tenancy by the entirety
3) tenancy in common
joint tenancy def
2 or more won with right of survivor ship
tenancy by the entirety def
b/w MARRIED partners with right of survivor ship
tenancy in common def
2 or more own with NO right of survivor ship
joint tenancy distinguishing characteristics
1) right of survivor ship: when 1 dies, share goes directly to surviving joint tenants
2) joint tenants is ALIENABLE, but NOT DIVISIBLE or DESCENDIBILE
how to create joint tenancy (4 unities T-TIP)
joint tenants must take their interests
1) T: same TIME
2) T: same TITLE (instrument)
3) I: identifiable interest
4) P: POSSESS as whole
must the grantor CLEARLY express the right of surviorship for joint tenancy
YES
why are joint tenancy disfavored
b/c avoids probate , thus in addition to 4 unities, grantor must clearly state RIGHT OF SURVIVOR SHIP
does IL need to use a straw man
NO
use of a strawman
to create joint tenancy o had to transfer to straw who would transfer it back to O and joint tenant with same instrument and right of surviorship language to create a valid J/T
acronym for SEVERANCE of a j/t
SPAM
1) Sale
2) Partition
3) And
4) Mortgage
can a j/t sell or transfer their interest during lifetime secretly?
YES. even w/o others knowledge or consent
what is a buyer of a j/t sale?
they are only tenants in common
What if there are more than 2 j/t and 1 sells right?
j/t remains in tact, as b/w the other non-transferring j/t
- buyer only becomes tenants by common
in equity what result will a j/t mere act of entering into K sale for her share do?
sever j/t as contracting parties interest under
1) doctrine of equitable conversion
3 different ways for severance with partition of j/t
1) voluntary agreement
2) partition in kind
3) partition of sale
partition in kind
court action PHYSICAL division of blackacre IF IN BEST INTEREST of ALL
- physically divide property
forced sale in j/t for severance and partition
court action if BEST INTEREST OF ALL where blackacre is SOLD and proceeds are distributed proprietorially