Commercial Law Assignment Solved

Added on - 21 Apr 2020

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Running head: COMMERCIAL LAW1Commercial lawName:Institutional Affiliation:
COMMERCIAL LAW2Commercial lawThe Court’s DecisionThe tenancy by entirety is a law that allows married couple to jointly own property; itmeans that each couple owns the whole property and not a part of it, this can also be referred toas holding “per tout” therefore no spouse owns the property individually this law is guided by 6by-laws known as unities (Buzby-WaIt, 2011):a)Unity of possession which allows couple to jointly own and control the property.b)Unity of interest which requires the property to have identical interests.c)Under unity of title the interest must come from the same implementation.d)Unity of time requires the interest to have begun simultaneously.e)Survivorship means in case one spouse dies the property rights is transferred tothe surviving partner and this cannot be overruled by one spouse transferring orselling their shares.f)Finally the parties must be married to when they acquired the property.The court analyzed all unities and affirmed that indeed presumption of jointly ownedassets being regarded as tenancy by entirety since the couple were married and together ownedthe restaurant, the building in which the business was located and the account in which proceedsfrom the business used to go to for 43 years, all the conditions were met as required by law hencethe judge was right in ruling in favor of the husband (Smith, 2016).When tenancy by entirety is presumed, only the creditors of both parties can seize theproperty in case of default in payment because the property cannot be divided on behalf of one
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