concurrent ownership
DESCRIPTION
Concurrent Ownership. General Idea. More than one person simultaneously has rights to the same interest or estate. Ways concurrent ownership may arise. Deed Will Intestate distribution. Basic types. Tenants in Common (voluntary) Joint Tenants (voluntary) - PowerPoint PPT PresentationTRANSCRIPT
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Concurrent Ownership
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General Idea
More than one person simultaneously has rights to the same interest or estate
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Ways concurrent ownership may arise
1. Deed
2. Will
3. Intestate distribution
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Basic types
1. Tenants in Common (voluntary)
2. Joint Tenants (voluntary)
3. Tenancy by the Entirety (voluntary)
4. Marital Estates (by operation of law)
5. Condos, Co-ops, Time Shares (modern)
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Tenants in Common
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Tenants in Common
Default method under modern law
Sample grants: “To A and B” “To A and B as tenants in
common” Passage to co-heirs by intestacy
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Tenants in CommonNo survivorship rights
Upon death, deceased co-tenant’s share passes to successors in interest:▪ Heirs, if intestacy▪ Beneficiaries, if testate
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Tenants in CommonNo unity of time, title, or
interest required.
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Tenants in CommonCo-tenants have undivided
interests Each has right to occupy the
premises.
Each has duty not to interfere with other co-tenants.
Each has right to partition▪ Agreement▪ Court order
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Joint Tenants Default method under common law Survivorship feature “To A and B as joint tenants” Note that many states require the
survivorship feature to be expressly stated. “To A and B as joint tenants with right of
survivorship.” Why?
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Joint Tenants – Unities Required1. Time
O to “A and B as joint tenants.”
O to “O and A as joint tenants.”
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Joint Tenants – Unities Required
2. Title
Take by same instrument▪ Deed▪ Will
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Joint Tenants – Unities Required3. Interest
O to “A, B, and C as joint tenants.”
O to “A 50%, B 25%, and C 25% as joint tenants.”
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Joint Tenants – Unities Required4. Possession
Each has right to occupy the premises.
Each has duty not to interfere with other co-tenants.
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Joint Tenants
O to “A and B as joint tenants.”
A conveys her interest to C. B and C are now tenants in
common.▪ Why?
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Tenancy by the Entirety
Special type of joint tenancy between spouses which exists in about a dozen states.
A fifth unity – joint owners are married.
“To A and B as tenants by the entireties”
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Marital Estates
Arise by operation of law, not because of intent of the parties.
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Jure Uxoris
Upon marriage but before birth of child.
Husband has a life estate in wife’s property for the life of wife. Wife was considered not sui juris
at common law.
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Curtesy Initiate
Upon birth of first child and while wife is still alive.
Husband will have life estate in wife’s property until husband dies. Wife has, in effect, a reversion if
Husband dies first.
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Curtesy Consummate
Upon wife’s death assuming at least one child was born to the marriage.
Husband has life estate in wife’s property.
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Dower
Wife has no lifetime interest in husband’s property.
Upon husband’s death, wife receives a life estate in 1/3 of husband’s real property he owned anytime during the marriage. Wife could waive her dower right.
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Modern Protectionsfor the
Surviving Spouse
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Modern Protections for Surviving Spouse1. Spouse made an heir.
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Modern Protections for Surviving Spouse2. Common law marital
property states = forced (elective) share
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Modern Protections for Surviving Spouse3. Community property
marital property states = community property
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Modern Protections for Surviving Spouse4. Homestead
Occupancy right
Creditor protection
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In re Estate of Micheal
Courthouse where case
was litigated
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In re Estate of Michael
“To H and B, tenants by the entireties, and F and He, tenants by the entireties, with right of survivorship.”
H dies first; then B dies.What interest, if any, did B own
when B died?
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Jackson v. O’Connell
A, B, and C held as joint tenants with survivorship rights.
A sold A’s interest to B.B died leaving her interest to 4
nieces.How much do the nieces
receive?
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Concurrent Ownership
[continued]
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Matter of Estate of Vadney
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Matter of Estate of VadneyA conveyed “to A and B.”
A died.
How much does B now own? If TiC = A’s will beneficiaries takes
A’s share If JT = B owns all
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Duncan v. Vassaur
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Duncan v. Vassaur
Husband and Wife owned property as joint tenants with survivorship rights.
Wife killed Husband.Wife conveyed her share to
her Father.How much does Father own?
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Laura v. Christian
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Laura v. Christian
Laura, Christian, and others hold as TiC.
Property in foreclosure.
Laura pays all amounts due.
What are Christian’s rights?
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Possession
Each co-tenant has right to occupy premises.
Each co-tenant has duty not to interfere with other co-tenant’s right to occupy.
General rule is that the occupying co-tenant does not owe rent to non-occupying co-tenants.
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Income
Statute of Anne (1704) – A co-tenant who receives more than proportionate share of rent from third party must account to other co-tenants for the excess.
Accounting is for net profits.
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Partition Terminate concurrent ownership.
Voluntary
Judicial In Kind By Sale
Right of first refusal
Future interests?
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Modern Forms of Concurrent Ownership
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1. Condominium Ownership
of a designated vertical space.
Concurrent ownership of common areas.
Issue = Condominium conversion
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2. Cooperative Title to building
held by a corporation
Individual buys stock to acquire right to occupy.
No true concurrent ownership of property.
More common in Northeast.
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3. Time Share Concurrent
ownership but with occupancy right divided temporally.