Concurrent Interests Flashcards
Define Joint Tenant (J/T)
Survivorship rights?
People who are joined to a property by “Per My Et Per Tout” which means seised by the share and by the whole. So all members own all the land in equal interest.
Yes they do have survivorship rights.
Define Tenants in Common (T/C)
Survivorship rights?
A division in the property that all for multiple people to have an equal interest in the property. It is a separate but undivided interest that can be conveyed, inheritable, and devised. There is no survivorship rights.
Example: A and B are T/C. A sells to C so now C and B are T/C.
The 4 unities required for Joint Tenancy?
1) time - all interests must vest at the same time.
2) title - all must acquire title from the same interest
3) interest - under common law: all shares must be of equal size.
- under modern law: unequal sizes of interest are allowed.
4) possession - each has a right to possession of the whole.
What happens if any of the 4 unities are severed at any time?
If any of the unities are severed at any time, te J/T is severed and a T/C is created instead.
In the case of ambuguity in what was intended to be created:
Common Law favors:
Modern Law favors:
Joint Tenancy or Tenancy in Common?
Modern Law favors tenants in common
Common law favors joint tenancy
What is unilateral severance?
A Joint Tenant can secretly severe a J/T to create a T/C without informing the other parties.
Under Common Law: requires a straw man or a trust to do.
Under Modern Law: no longer requires a straw man. Can use a self deed.
Define: tenants by Entirety (T/E)
It is similar to a Joint Tenancy only it has a 5th unity. It also requires for the parties to be a married couple. It also cannot be severed as joint tenancy can. It can only be severed by divorce or by both people conveying their interest in the land.
Hypo: A and B are planning to be married in 2 weeks. They buy a house as T/E. Several years later, A moves out and sells her interest to C. C brings action to partition the property. What occurs?
A and B did not have a Tenancy by the Entirety because they were not married at the time of the purchase of the interest. At best they had a Joint Tenancy, at worst they had a T/C.
Lien theory vs title theory of mortgages
A creditor can attach a mortgage to a property even if it is a joint tenancy. If that severs the joint tenancy depends on the district.
Lien theory: does not cause a severance of the J/T. But the mortgage is liened on the property and it cannot be sold until the mortgage is paid off.
Title theory: a mortgage on jointly owned property, the mortgage is considered a severance of the J/T and creates a T/C. Note: the mortgage is on the title, but only half the title.
