Asked by Chrystine Bugner on May 11, 2024
Verified
Jack and Betsy co-own a small stable. When Betsy dies, her interest in the stable passes to Jack and not to Betsy's heirs. Jack and Betsy must have owned the stable in
A) community property.
B) tenancy in common.
C) joint tenancy.
D) inheritable tenancy.
Joint Tenancy
The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants, his or her interest automatically passes to the surviving joint tenant or tenants.
Community Property
A legal regime in some jurisdictions under which property acquired during marriage is owned jointly by both spouses, excluding personal gifts and inheritances.
Tenancy In Common
Tenancy in common refers to a form of ownership where two or more individuals share ownership rights of property, with each tenant having an undivided interest in the property.
- Understand different forms of property ownership and the rights associated with each.
- Understand co-ownership arrangements and their consequences upon the death of an owner.
Verified Answer
NM
nicole micheleMay 16, 2024
Final Answer :
C
Explanation :
The key feature of joint tenancy is the right of survivorship, which means that when one owner dies, their interest in the property automatically passes to the surviving owner(s), not to the deceased's heirs or through their will. This is what happened between Jack and Betsy, indicating they owned the stable in joint tenancy.
Learning Objectives
- Understand different forms of property ownership and the rights associated with each.
- Understand co-ownership arrangements and their consequences upon the death of an owner.