BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
the surviving owner automatically absorbs a dying owner’s share of the property
|
|
|
is found in a joint tenancy
|
|
|
looks to the will of the deceased owner to see where the property should be given
|
|
|
an equal number of co-owners must be present
|
Detailed explanation-1: -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-2: -Joint tenants with the right of survivorship are two or more people who own an equal interest in a property. When one person dies their interest passes automatically to the surviving joint tenant(s). In contrast, tenants in common can own unequal shares in a property and have no right of survivorship.
Detailed explanation-3: -A co-owner is entitled to three fundamental ownership rights. If his share of the property is clearly stated in the deed, he has the right to possession, use, and dispose of his share of the property. As a result, if a co-owner is deprived of their property, they have the right to reclaim it.
Detailed explanation-4: -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.