Under South Dakota 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
B) Joint tenancy
Joint tenancy under South Dakota law (SDCL 43-2-12) requires the four unities of time, title, interest, and possession, and carries the right of survivorship. When one joint tenant dies, the surviving joint tenant(s) automatically receive the deceased's share without probate.
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Related Topics & Key Terms
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Related Concepts
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.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
Riparian rights concern properties bordering flowing bodies of water (rivers, streams), while littoral rights concern properties bordering non-flowing bodies of water (lakes, oceans).
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