Joint Ownership

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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 ?
To establish state-owned satellite system, the three ways - Condosat, which is to lease the use of satellite transponder of another country, joint ownership system and total ownership system - are needed to be done, the Myanmar Times quoted Vice President U.
Across the country, reports are coming out that businesses are heeding the call for joint ownership of local economic development in partnership with local municipalities.
In emerging markets where there is a dearth of suitable private partners to take on public services projects, joint ownership can be expedient,' he added.
You will need a joint ownership mortgage and a joint ownership agreement.
There are normally three ownership variations with respect to the former marital residence: joint ownership, transfer to one spouse, and joint ownership with only one inhabiting the house.
FIRST-TIME house buyers in Coventry and Warwickshire opting for joint ownership with friends and colleagues could find themselves open to a minefield of legal problems.
Joint ownership of real estate or personal property
Although joint ownership enables the acquirer to use the intellectual property without risk of losing rights in the event of the insurer's insolvency, it also ensures that the original insurer-owner continues to have the right to use the intellectual property.
Their portfolio north of the Border consists of East Kilbride shopping centre, Bon Accord centre and St Nicholas centre in Aberdeen, Almondvale shopping centre and joint ownership of the McArthur Glen designer outlet in Livingston, West Lothian, Kingsway West retail park in Dundee and joint ownership of Buchanan Galleries, Glasgow.
They take on a responsibility for support, joint ownership of property, and they take on joint liability for death, because the law presumes they are going to be operating as a combined economic unit with joint bank accounts and paying bills together," says Jon W.
Then there is the benefit of joint ownership to consider.

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