Joint Tenancy Flashcards
Definition of JT?
Two or more people own w/ the right of survivorship.
What are two major distinguishing characteristics of a JT?
Right of survivorship
Interest is alienable
What is the right of survivorship?
When one JT dies, their share goes automatically to the surviving JT.
What do we need (generally) to create a JT?
Four Unities
What are the four unities required to create a JT? The JTs must take their interest:
Acronym?
At the same Time
Under the same Title
With the same Interests
With rights to Possession by the whole
T-TIP
Under a JT, the grantor must clearly express what?
The right of survivorship.
JTs are favored/disfavored.
Disfavored.
How does the use of a straw work in the JT realm?
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.
What acronym is used to remember the severance of a JT? What does it stand for?
SPAM
Severance and Sale
Partition
AND
Mortgage
Severance and Sale: May a joint tenant sell or transfer her interest during her lifetime?
Yes
Severance and Sale: May a joint tenant SECRETLY sell or transfer her interest during her lifetime?
Yes. No consent or notice needed.
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?
The buyer has a tenancy in common.
The remaining JTs keep their JT status as between the remaining JTs
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?
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.
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?
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.
In equity, a JTs mere act of entering into a k for the sale of her share will . . .
Why?
Sever JT as to the contracting party’s interest.
Why? The Doctrine of Equitable Conversion.
What does the Doctrine of Equitable Conversion provide?
Equity regards as done that which ought to be done.
O conveys Blackacre “to Ringo, Paul and John as JT w/ ROS.”
This form of concurrent estate is . . .
A JT
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?
Signing of k
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?
January 1, the date the k was signing.
Why, the doctrine of equitable conversion. Equity regards as done that which ought to be done.
What are the three variations of severance and partition?
Voluntary agreement
Partition in kind
Forced sale
Explain what happens in a Partition in Kind.
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.
Explain what happens in a forced sale.
Court action to sell the property and divide the proceeds proportionally among the JTs.
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 . . .
the minority of states to follow the “title theory” of mortgages.
Severance and Mortgage: Most states follow the ____ theory of mortgages, whereby a JTs execution of a mortgage on his or her interest . . .
LIEN
Will not sever the JT.
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?
No. LIEN THEORY
