joint tenancy

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joint tenancy

Ownership of property by two or more persons in which, upon the death of one, his interest devolves upon the other or others until a sole owner survives.
References in periodicals archive ?
If one joint tenant granted his or her share in the property, the grantee and the other remaining tenants would become tenants in common.
Each joint tenant is "jointly and severally liable" for the mortgage and other property-related debts.
Further, assume that state law provides that joint tenants share equally in the joint property's income and expenses.
However, once you have made your child a joint tenant to your property, if the child subsequently incurs a credit problem, he or she cannot avoid the debt by transferring the share back to you.
This policy was changed by statute in [section]5482, Laws of Florida 192 7, which provided that "the doctrine of the right of survivorship in cases of real and personal property held by joint tenants shall not prevail in this state.
Unfortunately, there is not a clear authority for Jack or anyone else who seeks statutory guidance for calculating the exact amount of a discount for a one-half interest in property held as joint tenants with rights of survivorship.
In the case of joint tenants with right of survivorship, the surviving joint tenant may properly recognize the loss on her personal return [Peterson v.
The judge also said that he was entitled to extinguish the wife's interest in the home as a joint tenant under the Ontario Family Law Act.
This is the right a joint tenant possesses to terminate (end) the joint tenancy without the consent of the other co-tenant.
Normally, when someone is a joint tenant and their partner ends the tenancy, they cannot automatically take over the property and must apply for housing in their own right.
Often, the residence is held in joint tenancy or in a tenancy by the entirety, in which case the residence would not pass under the will but rather would pass to the remaining joint tenant under operation of law.
In Marshall, a district court in Minnesota ruled that the IRS could not enforce a lien so as to sell the interest of a joint tenant where the state law prevented unilateral severance of a JTROS.
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