All co T has the right to occupy all of the property cannot exclude their

All co t has the right to occupy all of the property

This preview shows page 11 - 13 out of 20 pages.

All co-T has the right to occupy all of the property & cannot exclude their fellow co-TsMinority Rule: The non-occupying co-T may receive a credit for the value of the occupying T’s sole occupancy of the propertyMajority Rule (rejected by Esteves): Absent an ouster, a co-T in possession does NOT owe ANY rent to a co-T out of possession. . (Issues RE ambiguous deed TIC v. JT)James v. Taylor: Redmon conveyed vested remainder “jointly and severally” to 3 children, reserving life estate. After Redmon & 2 kids died, Taylor sought declaration that deed created a joint tenancy in the vested remainder, making her sole owner of property as survivor. Descendants of deceased kids said deed created a tenancy in common, giving deceased children interests that had passed to descendants.Issue: Did Redmon create a Joint Tenancy or a Tenancy in Common?Holding: A Tenancy in Common.Rule: When a deed is ambiguous, the law will presume intent for a Tenancy in Common, ABSENT express language to the contrary. (Modern App)Common law: favored Joint Tenancy bc right of survivorship helped eliminate fractional interest.Joint Tenancy “to A and B as joint tenants with right of survivorship”Each tenant has an undivided right to use and possess the whole property like TIC. Two or more persons in equal shares, by a title created by a single will or transfer, when expressly declared in the will or transfer to be a joint tenancy. Right of Survivorship: when other co-owners die, the surviving co-owner(s) become the sole owner(s). A joint tenancy interest is neither divisible (will) nor descendible (no will). Common law: Joint Tenancy Created When Four (4) Unities Are Present:(Time, Title, Interest, Possession)Time:All joint tenants must acquire their interests at the same time. If they obtain on different days than unity of time is missing. Title:They must acquire title by the same instrument. If they receive their interest by different deeds, the unity is missing. Interest:They must have same share in the estate, equal in Size & Duration. Possession:They must have equal right to possess, use, and enjoy the whole property. NOTES ON JOINT TENANCY: 11
Background image
If the unities of Time, Title, OR Interest is missing, a Tenancy in Common is created. Severed:If one joint tenant transfers her interest by: (1) By mutual agreement of the JT’s; (2) By one JT conveying her interest to a third party; or (3) by judicial partitiono**If more than two Joint Tenants, if only ONE conveys their interest then it servers their portion, but not the JT among the other original JT’s. oi.e. A, B, and C are joint tenants, and A sells interest to D. D has an undivided 1/3 interest as a tenant in common with B and C; between themselves, B and C remain joint tenants with a right to survivorship. If D dies, his tenancy in common interest will go to his devisees or heirs; but if B dies, her interest in the joint tenancy is removed, and C now has an undivided 2/3 interest.
Background image
Image of page 13

You've reached the end of your free preview.

Want to read all 20 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture