After the Death of Horace, the Remaining Two Joint Tenants

question 54

Multiple Choice

After the death of Horace, the remaining two joint tenants of the luxury restaurant Rendezvous became the owners of Horace's interest in the property automatically. This feature of their concurrent ownership is called ________.

• A) quiet title action
• B) adverse possession
• C) nonconforming use
• D) right of survivorship

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Definitions:

Automatic Perfection

A legal condition in which a security interest in a collateral automatically becomes effective without the need for any further action, under certain conditions, once it attaches.

Principal Debtor

The main individual or entity obligated to repay a debt on which a security may be claimed.

Surety

A person or entity that takes responsibility for another's performance of an obligation, such as the payment of a debt.

Payment

The transfer of money, goods, or services as compensation for an obligation or debt.