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Tenancy in Common
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Joint Tenancy
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Community Property
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Tenancy Partnership
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PARTIES |
Any number of persons (can be husband and
wife).
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Any number of persons (can be husband and
wife).
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Only husband and wife.
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Only partners (any number)
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DIVISION |
Ownership can be divided into any number of
interests, equal or unequal.
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Ownership interests must be equal.
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Ownership interest are equal.
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Ownership interest is in relation to
interest in partnership.
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TITLE |
Each co-owner has a separate legal title to
his or her undivided interest.
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There is only one title to the whole
property.
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There is only one title but each owner has a
separate interest.
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Each co-owner's interest owned in
partnership for partnership purposes.
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POSSESSION |
Equal right of possession.
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Equal right of possession.
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Equal right of management and control except
in the case of personal property used in business.
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Equal right possession for partnership
purposes. No right of possession for any other purposes except by mutual
consent.
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CONVEYANCE |
Each co-owner's interest may be conveyed
separately by it's owner.
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A conveyance by one of the joint tenants
alone breaks the joint tenancy between the conveying joint tenant's
interest and the others, but does not affect the relationship between
the remaining joint tenants.
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Interest cannot be conveyed separately. Both
co-owners must join in conveyance of real property. Either co-owner can
transfer personal property.
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Partner's individual interest in specific
property cannot be conveyed separately. Any authorized partner can
convey the whole partnership title.
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PURCHASER'S STATUS |
Purchaser will become a tenant in common
with the other co-owners in the property.
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Purchaser will become a tenant in common
with the other co-owners in the property.
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Purchaser cannot acquire one owner's
interest and hold as community property with the other co-owners.
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Purchaser can only acquire the whole title
unless he or she becomes a partner.
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DEATH |
On co-owner's death, his or her interest
passes to the devisees under will or to the heirs. No right of
survivorship.
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One co-owner's death, his or her interest
ends and cannot be disposed of by will. Survivors have right of
survivorship.
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On co-owner's death, 1/2 belongs to survivor
severalty. In goes by will to descendant's devisees or by succession to
survivor.
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On partner's death, the partner's interest
in specific partnership property vests in the surviving partners. The
value realized out of its liquidation is accounted for to the partner's
estate.
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SUCCESSOR'S STATUS |
Devisees or heirs became tenants in common.
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Last survivor owners property in severalty.
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If passing by will tenancy in common between
devisees or by succession to survivor.
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Devisees or heirs have no rights in specific
partnership property.
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CREDITOR'S RIGHT |
Co-owner's interest may be sold an execution
sale to satisfy a creditor. Purchaser becomes a tenant in common.
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Co-owner's interest may be sold on execution
sale to satisfy a creditor. Joint tenancy is broken, purchaser becomes
tenant in common.
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Community property is liable for the debt of
either co-owner contracted after marriage. Debtor's interest cannot be
separately sold on execution; whole property must be sold to satisfy
creditor.
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Partner's interest cannot be seized or sold
separately by the partner's personal creditor, but the partner's share
of profits may be obtained by a personal creditor. Whole property may be
sold on execution sale to satisfy partnership creditor.
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PRESUMPTION |
Favored in doubtful cases except husband and
wife cases.
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Must be expressly stated, not favored.
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Strong presumption that property acquired by
husband and wife in community.
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Arises by virtue of partnership status in
specific property help in partnership.
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