Under Mississippi 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
D) Joint tenancy
Joint tenancy is the form of co-ownership that includes the right of survivorship. Under Mississippi property law, when a joint tenant dies, that owner's interest passes automatically to the surviving joint tenant(s) by operation of law, bypassing probate. Mississippi recognizes joint tenancy with right of survivorship when the four unities (time, title, interest, and possession) are present and the intent to create a joint tenancy is clearly expressed in the deed.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
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