The Legal Environment of Business: Text and Cases
9th Edition
ISBN: 9781305764460
Author: Frank B Cross/ Roger LeRoy Miller
Publisher: CENGAGE C
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Question
Chapter 26, Problem 7BCP
Summary Introduction
Case summary: The person A and D owned three properties in joint tenancy. After their divorce, the court didn’t change the tenancy in property. During divorce proceedings, A executed a will and asserted that “the property in my name will pass to the survivor”. After 4 years, A’s brother C asserted that A’s interest in the properties were part of the estate. D said that the sole interest in the properties was hers.
To find:The owner of the property.
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A couple who own their own residential property as joint tenants run into marital trouble and separate. The husband immediately changes his will so that, rather than everything passing to his estranged wife on his death, it now goes to his brother and sister in equal shares. He is killed in a traffic accident before any settlement is reached on the house.
a) Explain who is entitled to the husband’s share of the house and why.
b) Explain who would be entitled to his share if the couple had owned the house as tenants in common and why.
Ignore any family law issues.
(Explain the operation of the Australian legal systems and processes relevant to property law including: basic principles, current statute, common law and equitable principles; roles and responsibilities of key organisations; constitutional considerations; separation of powers; basic principles of the law of torts, particularly relating to negligence and negligent misstatement, courts and regulatory bodies).
Rebecca, age 53, died suddenly of a heart attack. She leaves behind her husband Chris and her three teenage sons, Calvin, Cameron and Craig. Rebecca does not have a will and leaves behind the following assets:
House $800,000 (Joint Ownership with Chris)
Non-registered Portfolio $273,593 (Individually owned)
RRSP $370,068 (Beneficiary: Chris)
Life insurance $309,927 (Beneficiary: Estate)
Assuming that Rebecca lives in Ontario, how much will each of her sons inherit from her estate?
Round your answer to the nearest dollar.
In Suzanne’s will, she left her home and five acres to her niece, Abrhianna. However, before her death, Suzanne sold the property to Clark, providing a deed in fee simple. At the moment of Suzanne’s death, who owns the property?
Select the right answer.
a) neither Clark nor Abrhianna own the property.
b) Clark and Abrhianna become co-owners of the property.
c) Clark owns the property.
Chapter 26 Solutions
The Legal Environment of Business: Text and Cases
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