2702759
Description
Mind Map by Rozelle Joseph, updated more than 1 year ago
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Created by Rozelle Joseph
almost 9 years ago
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Co-ownership
- Joint
Tenancy
- 1. Right of survivorship
- 2. Presence of 4
Unities
- i. Unity of
Possession
- Each tenant is entitled to possession of the whole
land, no one can hold any part to the exclusion of
the others. So, one cannot sure the other for
trespass.
- Each tenant is entitled to possession of the whole
land, no one can hold any part to the exclusion of
the others. So, one cannot sure the other for
trespass.
- ii. Unity
of
Interest
- The duration and nature of each tenant's interest must be the same. (e.g.
equal in quantity or quality.) From this, it follows that they must all join in
any disposition or legal act pertaining to the title.
- The duration and nature of each tenant's interest must be the same. (e.g.
equal in quantity or quality.) From this, it follows that they must all join in
any disposition or legal act pertaining to the title.
- iii. Unity of
Title
- All the joint tenants together constitute a single tenant and
each obtains title from the same instrument or source.
- All the joint tenants together constitute a single tenant and
each obtains title from the same instrument or source.
- iv. Unity of Time
- All the joint tenants must have taken the land at the same time, (e.g.
the interest of each tenant must have been vested at the same time.
- All the joint tenants must have taken the land at the same time, (e.g.
the interest of each tenant must have been vested at the same time.
- i. Unity of
Possession
- 1. The last surviving tenant
takes the property absolutlely
- 2. Maximum no of 4
persons can be vested
- 3. A joint tenant
cannot bequeath
his interest in the
land in his will
upon death.
- 1. Right of survivorship
- Tenancy in Common
- Favoured
by Law of
Equity
- Unity of possession
- A tenant in common can possess the land with the other
tenants or on his own; one cannot sue the other for trespass
- A tenant in common can possess the land with the other
tenants or on his own; one cannot sue the other for trespass
- 4. The shareholdings between tenants in common
need not be equal; it can be in any ratios. This is
common in corporate/business shareholding.
- 3. There is no limit to the number of tenants in common; it
could be 2 or more. Over time, the number of tenants could
become larger and larger, leading to serious problem in
transaction of interest.
- 1. A type of co-ownership
whereby each co-owner has a
notional and undivided share in
the property
- 2. As the survivorship rule does
not apply, a tenant in common's
share in the property pass with
his estate upon his death
- Favoured
by Law of
Equity
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