Brock Has Inherited a Small Home in Wyoming from His

question 21

Multiple Choice

Brock has inherited a small home in Wyoming from his deceased uncle Gabriel.Brock has no desire to live in Wyoming,but he enjoys going up to his Wyoming property to fish for two weeks every fall and spring.Gabriel's lawyer has agreed to have the home secured when Brock leaves and to have it opened when he's planning to visit.Gabriel's lawyer,without asking or informing Brock,has suggested to his freeloading brother Alex and Alex's wife,Jana,that they stay at Brock's Wyoming place and simply vacate just before Brock shows up,which they do.They live there acting like the owners for 48 weeks every year.The statutory period for adverse possession in Wyoming is 10 years.After 12 years Alex and Jana file for ownership under Wyoming's adverse possession statute.Will Alex and Jana likely be successful?

• A) Alex and Jana will be successful because they have lived there for longer than the required 10 years.
• B) Alex and Jana will be successful because they have lived there for longer than the required 10 years and they were open, notorious, and visible.
• C) Alex and Jana will not be successful because one cannot become the owners by adverse possession if one is there without the owner's permission.
• D) Alex and Jana will not be successful because their control of the property was not exclusive or continuous.

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Definitions:

Capital Accounts

Financial records that show the ownership equity in a company, including initial capital contributions, retained earnings, and withdrawals by owners.

Outstanding Liabilities

Financial obligations that a company or individual has not yet settled.

Liquidated Assets

Assets that have been converted into cash or cash equivalents by selling them.

Partnership Liability

The legal obligations that partners in a business partnership are subject to, which can include debts, actions of other partners, and contractual obligations.