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2001 SESSION

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HB 1731 Joint ownership in real and personal property.

Introduced by: William J. Howell | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Presumption of convenience abolished. This bill removes the presumption that property held jointly is held as such for the convenience of the primary owner. It clarifies that when any person causes any real or personal property to be titled or otherwise shown in the name of two or more persons “jointly,” as “joint tenants,” in a “joint tenancy,” or other similar language, such persons shall own the property in a joint tenancy without survivorship but if the expression “with survivorship” or any equivalent language is employed in such titling or showing, it shall be presumed that such persons are intended to own the property as joint tenants with the right of survivorship as at common law.

SUMMARY AS INTRODUCED:

Presumption of convenience abolished. This bill removes the presumption that property held jointly is held as such for the convenience of the primary owner. It clarifies that when any person causes any real or personal property to be titled or otherwise shown in the name of two or more persons “jointly,” as “joint tenants,” in a “joint tenancy,” or other similar language, such persons shall own the property in a joint tenancy without survivorship but if the expression “with survivorship” or any equivalent language is employed in such titling or showing, it shall be presumed that such persons are intended to own the property as joint tenants with the right of survivorship as at common law.