Three siblings — Anna, Ben, and Carol — inherit a farm in Brookings County, South Dakota, through their mother's will. The will does not specify the type of co-ownership. Under South Dakota law, what form of ownership do the siblings hold?
Correct Answer
B) Tenancy in common with equal shares
Under SDCL 43-2-14, when two or more persons acquire property and the instrument does not specify the type of co-ownership, South Dakota law presumes tenancy in common. Each sibling holds an undivided one-third interest that can be separately conveyed or inherited, with no right of survivorship.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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