Joint Ownership

Question 1

Joint Tenancy

Answer 1

Four unities of time, title, interest, and possession (with right to survivorship)

1) One can unilaterally transfer his interest becomes TIC
2) sing one part of a JT as collateral for a loan does not sever JT
3) Leasing JT does not destroy unity so long as all other Joint tenants has access to the entire property but lessee bears the risk of shared possession
4) Ouster if someone orevents access to a portion.
5) Majority–> just demanding rent or vacate is not an ouster

Minority–>Continued occupancy after demanding rent is an ouster

Question 2

Tenancy in Common

Answer 2

1) Does not have a right to survivorship with unity of possession
2) All who own part of the TIC have a right to occupy the whole
3) Straw man
3) Interest can be sold, devised, or inherited

Question 3

Tenancy by the entirety

Answer 3

Requires the 4 unities plus marriage and has a right to survivorship

1) Can only be severed by divorce, mutual agreement, or death

English System: Perceived property ownership after marriage but husband had full control

Married Womens property act: equalized the sexes and property held in TBE from creditors of either spouse

Question 4

Degree as property

Answer 4

States differ as to whether increased earning power acquired by one spuse during a marriage is property upon divorce

Colorado-No Ny-yes
Measure value by cost of tution or increase

Question 5

Judicial Partition

Answer 5

Under a JT or TIC one owner can seek judicial partition of the whole or sell their portion without notifying the other tenants

Question 6

Creditors RE JT TIC TBE

Answer 6

JT + TIC–>Creditors of one co-owner in a TIC or JT can reach its interest, but not a co-owner of a TBE must reach both owners

IRS can reach interest in TBE to Satisfy debt of one of the spouses

Question 7

RENT

Answer 7

1) When one co-owner leases part or all of the property, other co-owners have a right to their proportional share of the rental income

If one co-owner takes possession of part or all of the property he does not have to pay rent if the other co-owners have access to entire property

Question 8

Ouster

Answer 8

is denying co-owner access to any part of the property

Question 9

Partition in Kind

Answer 9

Is a remedy that divides property

Question 10

Partition by Sale

Answer 10

Selling property and dividing proceeds

Question 11

Partition in Kind vs Partition by sale

Answer 11

Partition in king is presumed inless co-owner seeking partition by sale can prove that partition in kind is not feasible and highest and best use of the land will be acheived by sale