Joint Tenancy

Question 1

Definition of JT?

Answer 1

Two or more people own w/ the right of survivorship.

Question 2

What are two major distinguishing characteristics of a JT?

Answer 2

Right of survivorship

Interest is alienable

Question 3

What is the right of survivorship?

Answer 3

When one JT dies, their share goes automatically to the surviving JT.

Question 4

What do we need (generally) to create a JT?

Answer 4

Four Unities

Question 5

What are the four unities required to create a JT? The JTs must take their interest:

Acronym?

Answer 5

At the same Time

Under the same Title

With the same Interests

With rights to Possession by the whole

T-TIP

Question 6

Under a JT, the grantor must clearly express what?

Answer 6

The right of survivorship.

Question 7

JTs are favored/disfavored.

Answer 7

Disfavored.

Question 8

How does the use of a straw work in the JT realm?

Answer 8

One person conveys the desired JT to a third party (the straw). The straw then conveys to the two desiring JTs so that all four unities can be present.

Question 9

What acronym is used to remember the severance of a JT? What does it stand for?

Answer 9

SPAM

Severance and Sale

Partition

AND

Mortgage

Question 10

Severance and Sale: May a joint tenant sell or transfer her interest during her lifetime?

Answer 10

Yes

Question 11

Severance and Sale: May a joint tenant SECRETLY sell or transfer her interest during her lifetime?

Answer 11

Yes. No consent or notice needed.

Question 12

Severance and Sale: What happens to the JT upon a Severance or Sale? i.e., what does the buyer have? what do the remaining JTs have?

Answer 12

The buyer has a tenancy in common.

The remaining JTs keep their JT status as between the remaining JTs

Question 13

O conveys Blackacre “To Phoebe, Ross, and Monica as JTs with ROS.”

Phoebe sells her interest to Chandler. What is the state of the title?

Answer 13

Phoebe’s sale severs the JT as to her interest. Ross and Monica still hold 2/3 as JTs and Chandler holds 1/3 as Tenant in Common.

Question 14

O conveys Blackacre “To Phoebe, Ross, and Monica as JTs with ROS.”

Phoebe sells her interest to Chandler. Then, Ross dies, leaving behind his heir, Rachel. What is the state of the title?

Answer 14

Monica takes Ross’ share. Thus, Monica now holds 2/3, Chandler owns 1/3. Monica and Chandler are now tenants in common. Rachel takes nothing.

Question 15

In equity, a JTs mere act of entering into a k for the sale of her share will . . .

Why?

Answer 15

Sever JT as to the contracting party’s interest.

Why? The Doctrine of Equitable Conversion.

Question 16

What does the Doctrine of Equitable Conversion provide?

Answer 16

Equity regards as done that which ought to be done.

Question 17

O conveys Blackacre “to Ringo, Paul and John as JT w/ ROS.”

This form of concurrent estate is . . .

Answer 17

A JT

Question 18

When a JT enters into a contract to sell her share o the JT, when is that transaction determined to take place? Upon the signing of the k OR when title is transferred?

Answer 18

Signing of k

Question 19

O conveys Blackacre “to Ringo, Paul and John as JT w/ ROS.”

On January 1, Ringo enters into a k for the sale of his interest in the JT to George, with closing to take place on April 1. When does the severance as to Ringo’s interest occur and why?

Answer 19

January 1, the date the k was signing.

Why, the doctrine of equitable conversion. Equity regards as done that which ought to be done.

Question 20

What are the three variations of severance and partition?

Answer 20

Voluntary agreement

Partition in kind

Forced sale

Question 21

Explain what happens in a Partition in Kind.

Answer 21

This is a court action for physical division of the JT. Used if in the best interests of all JTs. Works best when the JT is rural or agricultural.

Question 22

Explain what happens in a forced sale.

Answer 22

Court action to sell the property and divide the proceeds proportionally among the JTs.

Question 23

Severance and Mortgage: One JT’s execution of a mortgage or a lien on his or her share will sever the JT as to that now encumbered share only in . . .

Answer 23

the minority of states to follow the “title theory” of mortgages.

Question 24

Severance and Mortgage: Most states follow the ____ theory of mortgages, whereby a JTs execution of a mortgage on his or her interest . . .

Answer 24

LIEN

Will not sever the JT.

Question 25

Paul, John and Ringo are JTs. Suppose now that Paul mortgages his interest in the JT. Will this sever the JT as to Paul’s interest in a majority of jurisdictions?

Answer 25

No. LIEN THEORY