BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -On the death of one or more of the owners, their shares pass on automatically to the surviving joint owner/tenant by the right of survivorship. Only when the final owner dies will his/her legal heirs inherit the property, as per such last owner’s succession laws.
Detailed explanation-2: -A co-owner of a property can transfer a commercial property to any outsider without consent of the other owner. Even if it is an undivided share, Co-Owner has all rights to enter in to any sale, mortgage, lease with a stranger..
Detailed explanation-3: -It means that if one owner dies, his shareholding will be passed down to the remaining owners. This removes the probate, which is a civil procedure in which the will of a deceased is proved by a judge and recognised as a legitimate legal document. Any heir will inherit the property of the deceased owner.
Detailed explanation-4: -Co-owners mean all the owners of a property. If the property is owned by more than one person, it is called joint ownership. In case of coparcenary, the male members and daughters have a common and an equal interest in ancestral property.