Under Arkansas law, which form of co-ownership includes the right of survivorship, meaning that when one owner dies, that owner's interest automatically passes to the surviving co-owner(s)?
Correct Answer
A) Joint tenancy
Joint tenancy is characterized by the right of survivorship under Arkansas property law. When a joint tenant dies, that interest passes automatically to the surviving joint tenant(s) by operation of law, without going through probate. Arkansas recognizes joint tenancy when the four unities (time, title, interest, and possession) are present and the deed expressly creates a joint tenancy with right of survivorship.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
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