Page:United States Statutes at Large Volume 76A.djvu/180

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.


-84§ 183. Qualified ownership The ownership of property is qualified when: (1) it is shared with one or more persons; (2) the time of enjoyment is deferred or limited; or (3) the use is restricted. § 184. Several ownership The ownership of property by one person is designated as a sole or several ownership. § 185. Ownership of several persons The ownership of property by several persons is either of: (1) joint interests; (2) partnership interests; (3) interests in common; or (4) community interest of husband and wife. § 186. Joint interest A joint interest is one owned by two or more persons in equal shares, by a title created by a single will or transfer, when expressly declared in the will or transfer to fe a joint tenancy, or by transfer n-om a sole owner to himself and others, or from tenants in common or joint tenants to themselves or some of them, or to themselves or any of them and others, or from a husband and wife, when holding title as community property or otherwise to themselves or to themselves and others or to one of them and to another or others, when expressly declared in the transfer to be a joint tenancy, or when granted or devised to executors or trustees as joint tenants. A joint tenancy in personal property may be created by a written transfer, instrument, or agreement. § 187. Partnership interest A partnership interest is one owned by several persons, in partnership, for partnership purposes. § 188. Interest in common An interest created in favor of several persons in their own right is an interest in common, unless: (1) acquired by them in partnership, for partnership purposes; (2) declared in its creation to be a joint interest, as provided by section 186 of this title; or (3) acquired as community property. § 189. Community property Community property is property acquired by husband and wife, or either, during marriage, when not acquired as the separate property of either or as joint interests or interests in common. § 190. Interests classified as to time In respect to the time of enjoyment, an interest in property is either: (1) present or future; and (2) perpetual or limited. § 191. Present interest A present interest entitles the owner to the immediate possession of the property. § 192. Future interest A future interest entitles the owner to the possession of the property only at a future time.