Tom and Susan are married and purchase a home in Great Falls, Montana. They take title as joint tenants. Tom later conveys his interest to his friend Rick without Susan's knowledge. What is the most likely result of this conveyance under Montana law?
Correct Answer
B) The joint tenancy is severed, and Susan and Rick now hold the property as tenants in common.
Under Montana law, a joint tenant may unilaterally convey their interest to a third party, which severs the joint tenancy. When Tom conveys his interest to Rick, the four unities of joint tenancy are broken. Rick and Susan then hold the property as tenants in common — Rick with Tom's former share and Susan with her original share. There is no longer a right of survivorship between them.
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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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