Tom, Rick, and Lisa purchase a vacation cabin in the Ozarks as joint tenants with right of survivorship. Rick later conveys his interest to his brother Paul without telling Tom or Lisa. Shortly after, Rick dies. Which of the following best describes the ownership of the cabin after Rick's death?
Correct Answer
D) Tom and Lisa each own a one-third interest as joint tenants, and Paul owns a one-third interest as a tenant in common
Under Arkansas property law, when a joint tenant conveys their interest to a third party, that conveyance severs the joint tenancy as to the conveyed share. Rick's transfer to Paul destroyed the unity of title between Rick's share and the remaining joint tenancy. Paul holds his one-third interest as a tenant in common with Tom and Lisa. Tom and Lisa retain their joint tenancy with each other over their two-thirds combined interest. Upon Rick's death, his interest had already passed to Paul by deed, so the survivorship right does not apply to Rick's share. Tom and Lisa remain joint tenants as to their respective one-third interests with each other.
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Related Topics & Key Terms
Key Terms:
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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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