Discussion Board 3 - PROPERTY - POST.docx

Discussion Board 3 - PROPERTY - POST.docx - Discussion...

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Discussion Board Forum 3 – Case Study PROPERTY BUSI 561 Liberty University Barney is a retired service man in North Carolina. He had been able to acquire two residential houses and a 1963 Ford Galaxie as his personal properties. Barney’s prime real estate was located in the North Carolina Mountains while the second home was a beach house. Barney’s primary home was purchase as joint tenants with a right of survivorship with his 3 deceased old friends, Andy, Floyd, and Howard. Andy willed the property to his son Opie, who also used it as collateral to secure a personal loan. The lender has started litigations to foreclose on the property due to Opie’s loan been defaulted. Barney also found out that the property has been occupied by Ernest for some 20 years without knowledge. The second home, which is the beach house, was also taken over by the town authorities for construction of Nickelodeon Family Resort. Barney’s 1963 Ford Galaxie was also stolen by Carl who is an ex-valet parking employee of Le Nez augmenté restaurant . Carl exchanged Barney’s car with a dealer who also sold it to the man in possession of car. The new owner wants his $5,600.00 he paid before Barney can have his car back. Critically analyzing Barney’s current situation, there is the need to evaluate the case for each property as well as views of all parties involved in this legal battle. First of all, let’s consider Barney’s primary home located in the North Carolina Mountains. This real estate was purchased by Barney and his 3 friends about 31 years ago under the teams of joint tenants with a right of survivorship. This means that the deed will have all four friends, Barney, Andy, Floyd and Howard’s names as owners but whoever dies first loses his right of ownership to the surviving parties. As stated by Segal (1998), the most important distinguishing feature of this kind of ownership is that upon the death of one of the joint tenants, the interest held by the tenant passes to the remaining joint tenants without having to undergo probate. This means that since Barney is the only surviving tenant, he is the legal owner of the property. Unfortunately, Andy willed his interest in the property to his son Opie.
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  • Fall '10
  • SELF
  • Barney, Kelo v. City of New London

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