Four investors — Tina, Umar, Vera, and Will — purchase a commercial building in Meridian, Mississippi as joint tenants with right of survivorship. Which of the following actions would NOT sever the joint tenancy under Mississippi law?
Correct Answer
D) All four co-owners jointly lease the entire property to a commercial tenant for five years
A joint lease of the entire property by all joint tenants acting together does NOT sever the joint tenancy. Because all four owners are participating equally in the same transaction, the four unities (time, title, interest, and possession) remain intact. The lease is a temporary encumbrance on possession, not a transfer of ownership interest, and does not destroy any of the required unities. The joint tenancy continues in full effect among all four owners during and after the lease term.
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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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