AEM_320_Week_13 - AEM 320 Week 13 Nov 19- Nov 21 Lecture 1:...

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AEM 320 Week 13 Nov 19- Nov 21 Lecture 1 : Monday, November 19, 2007 Announcements : Reading for Monday: o Text 326-346;cases 157-175 Final exam announcements posted There is no class this Wednesday, November 21 st I. Forms of multiple ownership A. Tenancy in common is the most common form of multiple ownership. The owners have an undivided interest in the whole property and have joint use rights. 1. All have a right to use the whole land. 2. But also have equal claims, they are only entitled to their share (as a %) even if they did not contribute to the purchase of the property. 3. There are no survivorship rights , so if one party dies, their interests pass in their will, not to the other tenants in common. 4. The interests are partitionable —You may ask a court to oversee the division of interests; the property can be sold and the proceeds divided, by court order if necessary. 5. See Butler v. Rafferty - A brother and sister own a piece of property. The sister gets married and has a child. The brother and sister make an arrangement that they have their own parts (live separately) of the house but they are still tenants in common. The sister’s son has a friend over who gets injured on her part of the house. That friend’s parents sue the two tenants in common. The brother says the area where the accident happened was not one of which he was in control. The court says the mere ownership is not enough to cause liability. 6. If no other form of ownership is clearly specified, tenancy in common is usually presumed [but presumption can be overcome by evidence]. B. Joint tenancy with right of survivorship 1. Same as tenancy in common during lifetime although there is a right of survivorship that governs at death of one tenant i. Example: If A and B own as joint tenants and A dies, then B now is sole owner. A’s interest does not pass in A’s will.
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This note was uploaded on 02/20/2008 for the course AEM 3200 taught by Professor Grossman,d. during the Fall '07 term at Cornell University (Engineering School).

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AEM_320_Week_13 - AEM 320 Week 13 Nov 19- Nov 21 Lecture 1:...

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