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Two
or more persons or
entities (can be husband
and wife).
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Two
or more persons (can be husband and wife) provided
the tenancy is properly created.
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Only
partners (more man
one).
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Ownership
can be divided
into any number of interests
equal or unequal.
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Joint
tenants have one and
the same interest.
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Ownership
interest is equal.
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Ownership
interest is in
relation to interest in
partnership.
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Each
co-owner has a separate legal title to his/her undivided
interest.
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There
is only one title to the whole property.
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Title
in the "community."
Each interest is separate.
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Title
in the "partnership".
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Equal
right of possession.
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Equal
right of possession.
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Both
co-owners have equal
possession.
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Equal
right of possession
but only for partnership
purposes.
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Each
co-owner's interest may be conveyed separately by
its owner.
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All
joint tenants must joint in any conveyance document.
Conveyance by one co-owner without me others breaks
his/her joint tenancy.
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Real
property requires written consent of other spouse,
and separate interest cannot be conveyed except upon
death.
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Conveyance
of partnership property is generally defined in the
partnership agreement. No partner may sell his individual
interest in the partnership without the consent of
the co-partners.
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On
co-owner's death, his/her interest passes by will
to his/her devisees or his/her heirs subject to administration
by the local Superior Court. No survivorship right.
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On
co-owner's death the entire tenancy remains to the
survivor. This right of survivorship is the primary
incident of joint tenancy.
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On
co-owner's death 1/2 belongs to survivor in
severalty 1/2 goes by will to decedent's devisee's
subject to administration by the local Superior Court.
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On
partner's death his/her partnership interest passes
to the surviving partner pending liquidation of the
partnership. Share of deceased partner then goes to
his estate.
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Devisees
or heirs become
tenants in common.
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Last
survivor owns property in severalty.
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If
passing by will, tenancy
in common between devisee
and survivor results.
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Heir
or devisees have rights in partnership interest but
not in specific property.
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Co-owner's
interest may be sold on execution sale to satisfy
creditors. Purchaser at execution sale becomes a tenant
in common.
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Co-owner's
interest may be sold on execution sale to satisfy
creditor. Joint tenancy is broken purchaser at execution
sale becomes a tenant incommon.
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Property
of community is liable for contracts of either spouse
which are made after marriage and prior to or after
January 1, 1975. Co-owner's interest can't be sold
separately, whole property may be sold on execution
to satisfy creditor.
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Partner's
interest cannot be seized or sold separately by his
personal creditor but his share of profits may be
obtained by a personal creditor. Whole property may
be sold on execution sale to satisfy partnership creditor.
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