100%(1)1 out of 1 people found this document helpful
This preview shows page 20 - 23 out of 31 pages.
(ii) Does contingent remainder violate? (ii) Does contingent remainder violate? 6)Chapter 6- Concurrent Ownership and Marital Property20
Property I Law- Merged Outlinea)Concurrent Ownership- co-owner or cotenant has the right to use and possess the entire property i)Modern Concurrent Estates- held concurrently by several persons and all have right tothe enjoyment and possession of the land at the same time. (1) Three basic types(a)Tenancy in common- each owner has a distinct, undivided interest in the property with no right of survivorship.(i) Distinctions: 1.May sell interest or give as a gift2.May convey by deed or will3.Separate but undivided interest in the property 4.Right to use and possess the whole5.When property sold, proceeds (will be) divided according to their proportionate shares. (ii) Notes1.If a person with interest dies, goes to his heirs or devisees and will hold TIC with others2.Termination- any tenant can seek judicial partition(b) Joint tenancy- have an undivided right to use and possess the whole property and each tenant has a right of survivorship.(i) Characteristics1.When one joint tenant dies, his or her interest passes automatically to the surviving joint tenants2.Have undivided share of the property; right to use and enjoy the wholeproperty and have an equal share3.Can convey interest during life by sale or gift4.Cannot convey interest by will or pass it by intestate succession (ii) Four unities- need to show all four1.Time- all join tenants must acquire their interests at the same time.2.Title- they must acquire title by the same instrument or by joint adverse possession3.Interest- must have same shares in the estate equal in size and duration(unequal not valid) that are identical interests. 4.Possession- equal right to possess, use, and enjoy the whole property.(iii)Notes1.Once JT established, one tenant may give exclusive possession to the other joint tenants. 2.If one of the unities is missing, a tenancy in common created. 3.If one joint tenant transfers her interest, joint tenancy severed.a.Transfers breaks unities of time and title; b.Right of survivorship is destroyed; andc.Grantee becomes a tenant in common with the other concurrent owners. (iv)Creation: requires four unties plus language in the grant that contain a clear expression of the right of survivorship (joint tenants with right of survivorship) 21