Four investors purchase a commercial building in Kearney, Nebraska as tenants in common. Investor A holds a 40% interest, Investor B holds 30%, Investor C holds 20%, and Investor D holds 10%. Investor C wants to sell her interest but the other three investors refuse to purchase it. Under Nebraska law, what is Investor C's most appropriate legal remedy?
Correct Answer
D) Investor C may bring a partition action in Nebraska district court to force a division or sale of the property
Under Nebraska law, any co-owner in a tenancy in common has the right to bring a partition action in district court. The court may order a physical division of the property (partition in kind) if that is practicable, or if not, it may order the property sold and the proceeds distributed to the co-owners in proportion to their interests. Investor C does not need the consent of the other co-owners to seek partition.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
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