Two sisters, Dena and Priya, purchase a cabin near Talkeetna, Alaska as joint tenants with right of survivorship. Dena later executes a deed conveying her interest to her friend Carlos without telling Priya. Under Alaska law, what is the most likely result of Dena's unilateral conveyance?
Correct Answer
D) The joint tenancy is severed, and Carlos and Priya now hold the property as tenants in common
Under Alaska common law property principles, a joint tenant has the right to unilaterally convey their individual interest to a third party. When Dena conveyed her interest to Carlos, she severed the joint tenancy as to her share. The four unities required to maintain a joint tenancy (time, title, interest, and possession) were destroyed between Carlos and Priya because Carlos acquired his interest at a different time and by a different instrument than Priya. As a result, Carlos and Priya hold the property as tenants in common, with no right of survivorship between them. Priya's interest is unaffected in terms of size but she loses the survivorship benefit as to Carlos's share.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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