Lena, Mark, and Nina own a rental property in Hattiesburg, Mississippi as joint tenants with right of survivorship, each holding an equal one-third interest. Mark conveys his interest to Olivia by deed. Subsequently, Lena dies without a will, survived only by Mark (who no longer holds title) and Nina. Under Mississippi law, who owns the property and in what proportions after Lena's death?
Correct Answer
A) Olivia owns 33.3% as tenant in common; Nina owns 66.7% by right of survivorship over Lena's share
When Mark conveyed his interest to Olivia, the joint tenancy was severed only as to Mark's one-third share. Olivia became a tenant in common holding one-third, while Lena and Nina continued as joint tenants with right of survivorship between themselves for their combined two-thirds interest. When Lena subsequently died, her one-third joint tenancy interest passed by right of survivorship to Nina — the only remaining joint tenant. Therefore, after Lena's death: Olivia holds one-third as tenant in common (unchanged from Mark's conveyance), and Nina holds two-thirds — her original one-third plus Lena's one-third acquired by survivorship. Nina and Olivia are now tenants in common with each other.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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