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18

© Ticor Title Company

VESTING: COMMON WAYS OF HOLDING TITLE

Community

Property

Joint

Tenancy

Tenancy in

Common

Tenancy in

Partnership

Title Holding

Trust

Parties

Marriage (husband and

wife)

Any number of

persons (can be

husband and

wife/same sex marriage/

registered

domestic partners)

Any number of

persons (can be

husband and

wife/same sex marriage/

registered

domestic partners)

Only partners (any

number of partners)

Individuals, groups of

persons, or

corporations, a

living trust

Division of

Interest

Owners and

managerial

interests are equal (Except

control of

business is solely

with managing

spouse)

Ownership interest must

be equal

Ownership can be divided

into any number of

interests equal or unequal

Ownership interest is in

relation to interest in

partnership

Ownership is a

personal property

interest and can

be divided into any

number of interests

Title

Title is in the

“community”. Each

interest is separate but

management is unified

Equal right of possession Each co-owner

has a separate

legal title to his/her

undivided interest

Title is in

partnership

Legal title is held

by the trustee;

beneficiary has

equitable title

Possessions Both co-owners have

equal management control

Equal right of

possession

Equal right of

possession

Equal right of

possession but

only for partnership

purposes

Right of possession

as specified in the

trust provisions

Conveyance Personal

property (except

“necessaries”)

may be conveyed

for valuable

consideration without

consent of other spouse;

real property requires

written consent of other

spouse, and separate

interest cannot be

conveyed except

upon death

Conveyance by one

co-owner without the

others breaks the joint

tenancy

Each co-owner’s

interest may

be conveyed

separately by its

owner

Any authorized

partner may convey whole

partnership

property for

partnership

purposes

Designated

parties within the

trust agreement

authorize the

trustee to convey

property. Also,

a beneficiary’s

interest in the trust may be

transferred