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7 Cards in this Set
- Front
- Back
What is the format of a co-ownership problem question |
1. Initial purchase What type of trust? Formalities Legal title (who owns it? JT or TIC 2. What has happened since? Work chronologically - Issues of severance and survivorship Effect on legal and equitable title ( you must conclude after every event) 3. Sale/ termination Apply TOLATA for this question Apply IA if a bankruptcy situation 4. Overreaching |
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When two more people buy a property, what type of property is that |
A trust property |
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What are the name of those who are legal owners |
Trustees |
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Those that are considered as beneficiaries are what type of owners |
Equitable owners |
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What are the formalities for a valid express trust |
a) in writing b) signed |
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Legal title will be held by a maximum of how many people |
4 |
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Joint tenants and tenants in common can have what type of title |
Equitable title |