Under North Dakota law, which form of co-ownership includes the right of survivorship, meaning that when one co-owner dies, that owner's interest automatically passes to the surviving co-owner(s)?
Correct Answer
B) Joint tenancy
Joint tenancy under NDCC Chapter 47-02 includes the right of survivorship. When one joint tenant dies, the deceased's interest passes automatically to the surviving joint tenant(s) by operation of law, without going through probate.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
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