Under Montana law, which form of co-ownership includes the right of survivorship and requires that all co-owners acquire their interests at the same time, through the same instrument, with equal shares?
Correct Answer
D) Joint tenancy
Joint tenancy under Montana law (MCA Title 70, Chapter 1) requires the four unities: time, title, interest, and possession, and carries the right of survivorship. When one joint tenant dies, their interest passes automatically to the surviving joint tenant(s) without going through probate.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
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.
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