Concurrent States Flashcards
Concurrent states - gral features
undivided + concurrent posession
Types of concurrent states (3)
1) Joint tenancy
2) Tenancy in common
3) Tenancy by entirity
Default concurrent state
Tenancy in common
Joint Tenancy - Gral
- Equal undivided right to possess the entirety of a thing
- Right to survivorship
Joint Tenancy - PITS elements to avoid severance
- Possession: = access and use
- Interest: undivided + identical
- Time: = time of acquisition
- Source: = deed/instrument/testament/etc.
Joint Tenancy - Consequence of severance by 1 jt
- No severance
- If foreclosure/sale of property: creditor can attach to proceeds of that one jt
Joint Tenancy - Consequence of sale of interest
Creation of tenancy in common regarding that new onwer
Tenancy in Common - Gral
- Provides separate/undivided/alienable interest
- = right use/possess
- Default status
- No right of survivorship - at death it goes to succesors
Tenancy by entirety - Gral
- btwn married couples - creates rebuttable presumption that conveyance to spouse asset goes into it.
- Right of survivorship
- Consent for conveyance/encumbrance
Tenancy by entirety - Causes for severance (4)
1) Death
2) Legal Divorce
3) Agreement
4) Execution from common creditor
Concurrent States - Rights/Liabilities (PADS)
- Possession: similar rights to entire property
- Accountability: share rents/profit
- Duty of fair deal
- Share contribution: in carrying charges/improvements
Consequence of absent PADS
Grounds for judicial partition
Partition - Gral
Division of real property held in joint or common tenancy into individual interests
Partition - Types (2)
1) Voluntary
2) Judicial (not for tenancy by entirety)
Condominium
- individual ownership of unit
- common tenancy over common areas with fees/assessment according to association
- limited transfer restriction : 1st refusal is acceptable
