Joint Ownership

in Soviet law, the right to property that belongs to two or more people.

Joint ownership may be personal, as when several persons jointly own a residential building, or it may be public or socialist in form. Joint ownership may be divided into shares or held in common. Under joint ownership apportioned by shares, each participant (owner) has a definite share of the right of joint ownership. Possession, use, and disposition of the owned object is determined with the consent of all owners; in case of dispute, such matters are determined by court decision on a suit brought by any owner. Expenses incurred in the course of joint ownership, such as taxes and repairs, are distributed among the owners proportionally with their shares. Each owner has the right to transfer his share to another person. When a share of joint ownership is offered for sale, the other participants have a preferential right of purchase.

With ownership in common there are no shares, and each owner is owner of all of the property together with the others. Property held by spouses, by a kolkhoz household, and by an individual peasant household is recognized as property held in common.

joint ownership

Joint Ownership

A situation in which two or more persons co-own a property. In other words, if two or more persons jointly own a property and one of them dies, the property does not become part of a decedent's estate; rather, the other owner(s) continue to own the property. A married couple may jointly own their house, for example. Likewise, two business partners may jointly own a business property. If two persons own an apartment complex and one of them dies, the whole of the complex belongs to the co-owner, and not the decedent's heirs. However, the decedent's liabilities may remain attached to this property and may be used to pay off creditors, even if the creditor had nothing to do with the property in question.

joint ownership

Ownership of an asset, such as property, by two or more parties. Joint ownership of property has advantages and disadvantages compared with individual ownership. For example, the property automatically passes to the co-owners upon the death of one of the other owners. Also, with one type of joint ownership, one owner can sell the property without the permission of the other owners. See also joint tenancy with right of survivorship, tenancy by the entirety, tenancy in common.

joint ownership

Ownership of property by two or more people or entities. It includes tenants in common,joint tenants with right of survivorship,tenants by the entireties,and community property interests.

单词	joint ownership
释义	joint ownership Joint Ownership Joint Ownership in Soviet law, the right to property that belongs to two or more people. Joint ownership may be personal, as when several persons jointly own a residential building, or it may be public or socialist in form. Joint ownership may be divided into shares or held in common. Under joint ownership apportioned by shares, each participant (owner) has a definite share of the right of joint ownership. Possession, use, and disposition of the owned object is determined with the consent of all owners; in case of dispute, such matters are determined by court decision on a suit brought by any owner. Expenses incurred in the course of joint ownership, such as taxes and repairs, are distributed among the owners proportionally with their shares. Each owner has the right to transfer his share to another person. When a share of joint ownership is offered for sale, the other participants have a preferential right of purchase. With ownership in common there are no shares, and each owner is owner of all of the property together with the others. Property held by spouses, by a kolkhoz household, and by an individual peasant household is recognized as property held in common. joint ownership Joint Ownership A situation in which two or more persons co-own a property. In other words, if two or more persons jointly own a property and one of them dies, the property does not become part of a decedent's estate; rather, the other owner(s) continue to own the property. A married couple may jointly own their house, for example. Likewise, two business partners may jointly own a business property. If two persons own an apartment complex and one of them dies, the whole of the complex belongs to the co-owner, and not the decedent's heirs. However, the decedent's liabilities may remain attached to this property and may be used to pay off creditors, even if the creditor had nothing to do with the property in question. joint ownership Ownership of an asset, such as property, by two or more parties. Joint ownership of property has advantages and disadvantages compared with individual ownership. For example, the property automatically passes to the co-owners upon the death of one of the other owners. Also, with one type of joint ownership, one owner can sell the property without the permission of the other owners. See also joint tenancy with right of survivorship, tenancy by the entirety, tenancy in common. joint ownership Ownership of property by two or more people or entities. It includes tenants in common,joint tenants with right of survivorship,tenants by the entireties,and community property interests.
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