Joint Ownership

(redirected from Jointly-Held Property)
Also found in: Dictionary, Legal, Financial.
Related to Jointly-Held Property: Jointly Owned Property

Joint Ownership

 

in Soviet law, the right to property that belongs to two or more people.

Joint ownership may be personal, as when several persons jointly own a residential building, or it may be public or socialist in form. Joint ownership may be divided into shares or held in common. Under joint ownership apportioned by shares, each participant (owner) has a definite share of the right of joint ownership. Possession, use, and disposition of the owned object is determined with the consent of all owners; in case of dispute, such matters are determined by court decision on a suit brought by any owner. Expenses incurred in the course of joint ownership, such as taxes and repairs, are distributed among the owners proportionally with their shares. Each owner has the right to transfer his share to another person. When a share of joint ownership is offered for sale, the other participants have a preferential right of purchase.

With ownership in common there are no shares, and each owner is owner of all of the property together with the others. Property held by spouses, by a kolkhoz household, and by an individual peasant household is recognized as property held in common.

References in periodicals archive ?
If the jointly-held property was acquired by the deceased and surviving tenants by gift, bequest, devise, or inheritance from a third party, only the value of the fractional interest held by the deceased tenant is included in his gross estate.
If jointly-held property is not acquired by gift or inheritance from a third party, the general presumption is that the entire value of the jointly-held property is included in the gross estate of the first joint tenant to die, unless the executor of that decedent's estate can prove that the decedent did not furnish all of the cost of the jointly-held property.
The same rules occur in a case where the property given to the surviving tenant by the deceased tenant had appreciated in value before it was furnished as part of the consideration for the jointly-held property.
stock that had been given to him by Walter for $15,000 in 1983 and that in 1984, Samuel used the $15,000 as his part of the consideration in the acquisition of jointly-held property with Walter.
As compared with the estate tax treatment (described previously) applying to the case where the surviving tenant keeps the sale proceeds including the gain and later uses the proceeds as his consideration toward the purchase of the jointly-held property, this treatment seems unfair and misplaced.
In cases where the jointly-held property is subject to a mortgage or other liability, each joint tenant is deemed to have contributed a share of any joint unpaid original liability indebtedness to which the property is subject as well as mortgage indebtedness paid by the co-owner.