Commercial Law Assignment Solved
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Added on 2020-04-21
Commercial Law Assignment Solved
Added on 2020-04-21
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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; it means that each couple owns the whole property and not a part of it, this can also be referred to as holding “per tout” therefore no spouse owns the property individually this law is guided by 6 by-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 to the surviving partner and this cannot be overruled by one spouse transferring or selling 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 owned assets being regarded as tenancy by entirety since the couple were married and together owned the restaurant, the building in which the business was located and the account in which proceeds from 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 the property in case of default in payment because the property cannot be divided on behalf of one
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