Concurrent Estates Flashcards
Concurrent Estate —
an estate in land which is held by more than one person concurrently, all of whom have the right to enjoyment and possession of the land.
Joint Tenancy —
two tenants own a piece of land concurrently and enjoy a right of survivorship where when one tenant dies, the other absorbs the deceased tenant’s interest.
Must a right of survivorship be expressly stated?
Yes, otherwise courts interpret it as tenancy in common.
What severs a joint tenancy?
An *inter vivos conveyance of one of the tenant’s interests in the land. A tenancy in common results.
When will an inter vivos conveyance of one’s interest in a joint tenancy not sever the entire joint tenancy?
Where there are more than two joint tenants, the one who has conveyed their interest becomes a tenant in common, the other two remain joint tenants.
Will a testamentary conveyance of land in one’s will terminate a joint tenancy?
No, because the interest is not conveyed until the joint tenants death, which also terminates the joint tenancy.
Tenancy by the Entirety —
a marital estate akin to a joint tenancy.
What terminates a tenancy by the entirety?
Divorce, death, mutual agreement or execution by a joint creditor (including a plaintiff) of both spouses.
Tenancy in Common —
a concurrent estate with no right of survivorship. Tenants can hold different interests in the property, but all of them have possession of the whole.
Does a co-tenant in a concurrent estate have the right to exclusive possession of any part of the land?
No.
When can a co-tenant who is out of possession bring a possessory action against a co-tenant?
Only when she is ousted; i.e. her co-tenant claims exclusive possession.
Do profits accrued by one co-tenant belong to all the co-tenants?
No. They belong only to the co-tenant who earned them.
What must a co-tenant share with other co-tenants?
Rents and net profits gained from the exploitation of the land.
May a co-tenant encumber their interest in a joint tenancy or a tenancy in common?
Yes, but only their interest, not the interests of other co-tenants.
Does a mortgage on one joint tenant’s interest sever a joint tenancy?
No, but if the mortgage is foreclosed on, the foreclosure sale will.