Two investors, Dmitri and Nadia, own a commercial property in Minot, North Dakota as joint tenants with right of survivorship. Without Nadia's knowledge, Dmitri secretly conveys his interest in the property to his LLC by executing and recording a deed. Dmitri then dies. What is the most likely legal outcome regarding ownership of the Minot property?
Correct Answer
B) Dmitri's LLC and Nadia own the property as tenants in common, because Dmitri's conveyance severed the joint tenancy before his death.
Under North Dakota law, a joint tenant may unilaterally sever a joint tenancy by conveying their interest to a third party — including their own LLC — without the consent of the other joint tenant(s). When Dmitri conveyed his interest to his LLC, the conveyance destroyed the unity of title and severed the joint tenancy. At the moment of severance, Dmitri's interest converted to a tenancy in common interest, which his LLC received. When Dmitri later died, there was no longer a joint tenancy, so the right of survivorship did not apply. Nadia retains her original undivided half interest, and Dmitri's LLC holds the other undivided half interest. They are now tenants in common.
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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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