Property II - I. Shared Ownership A. Concurrent Estates-...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
I. Shared Ownership A. Concurrent Estates- when the same interest in property is owned by more than one person at the same time 1. Types a) Tenancy in Common - own separate but undivided interests in the same interest in property (i) Nature Each tenant in common owns the entire property, but must share that ownership with the other tenants in common PP- designed to mediate the friction that can arise from co-ownership of the same article May be alienated, devised, or inherited separately from the other tenancy in common interests NO SURVIVORSHIP RIGHTS among tenants in common (unlike joint) (ii) Presumption of tenancy in common By statute or judicial decision, property conveyed to two or more persons who are not married is presume to convey a TiC (i) Best rebuttal: clear statement in the conveyance of the alternative form of co-ownership (e.g., joint tenancy) (ii) Property conveyed intestate is ALWAYS TiC (iii) Rights to Possession Each TiC is entitled to possess the entire property (i) In practice, this means can possess the entire property if no other co- tenant objects Often will regulate use of property by agreement among themselves (i) If they do not and disagreement erupts, their rights are governed by “default” rules of law (iv) Uneven Shares and Different Estates TiC may own unequal shares and different estates (i) Ex: A, B, and C own Blackacre, in equal shares, as TiC. A conveys his interest to B. B and C are still TiC, but B has a 2/3 interest and C a 1/3 share. C conveys to S for life, then to D and her heirs. B is now a TiC
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/01/2008 for the course LAW 807 taught by Professor Arnold during the Spring '08 term at University of Louisville.

Page1 / 3

Property II - I. Shared Ownership A. Concurrent Estates-...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online