property law notes - Tenancy in Common (26) If dont have...

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Tenancy in Common (26) If don’t have hint of multiple owners, have this (so, isn’t clear that there are multiple owners…i.e. with case Butler v. Rafferty, 2 parties living in a single family home) Partitionable: can break up multiple ownership if don’t see eye to eye on how to use property…so if other owner doesn’t buy you out, can go to court to have it partitioned KEY THING: no survivorship…so when A dies, B,C and D does whatever they want with their share, and A’s share goes to whoever is left it in will Butler v. Rafferty (come back when looking at liability or negligence with property): cannot be liable for negligence solely for owning property, so brother isn’t liable Tenancy by the Entirety (28) Doesn’t exist everywhere; creature of statute One thing is consistent—will only exist between husband and wife (not same sex couple, etc.) Only applies to real property and will not be partitionable KEY IS THAT NOT PARTITIONABLE…so if husband’s business is bankrupt and creditor wants to liquidate asset, they cannot force liquidation by dividing asset and selling, or selling whole house, leaving wife homeless…not to say creditor can’t reach asset, but cannot partition asset. So if not income property, creditor can’t do anything Ownership Interests in Property (30) Types of ownership interest you can have in property Apply almost uniformly to real property Fee simple absolute: [common law term for] outright [total] ownership of real property…if you are going to inherit or transfer this property, what will say in the deed is “To ___ and the heirs to his/her body” Life estate and remainder interest: separate lifetime interest, when they die, goes to someone else…can happen when people make charitable gift (i.e farmer agriculture business: owners can make a lifetime transfer to cornell university so you can still live there during your life, and when you die, cornell gets the property…business owners get income tax deductible from this)…problem is that you’re creating 2 interests in the same property…sauls v crosby case where party is cutting down trees and sell them…issue in case is who has right to trees? (to cut down trees)…general rule is if you have the life estate, you may not commit waste (reducing value of property for remainder interest holder), so life estate holder can’t cut trees…. can put conditions in the life estate so that you can be allowed to “consumer” or do things that would otherwise be considered wasteful/using up value Fee simple defeasible: (don’t see very often; always causes problems). .see in peoples wills and transfers that have taken place and person transferring dies….interest defined by condition (1)Church ex…”to the church as long as it is used for church purposes”…can use property as long as its for church. When the church isn’t getting a lot of visitors and closes down, they stared renting its parking to people in area and the
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This note was uploaded on 02/24/2011 for the course AEM 3210 taught by Professor Grossman,da during the Fall '07 term at Cornell University (Engineering School).

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property law notes - Tenancy in Common (26) If dont have...

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