Rule 23-103-2.3 - Shared OwnershipA. Two or more people own the property (real or personal) together. The different types of shared ownership are discussed below.1. Tenancy in Common.a) Two or more people have an undivided fractional interest in the whole property for the duration of the tenancy. These interests are not necessarily equal, i.e., two joint tenants do not necessarily each owns half of the property.b) One owner may dispose of his share without permission of the other owner(s), but cannot take these actions with respect to the entire property.c) When one owner dies, his interest passes to his heirs or estate.d) There is no automatic right to survivorship for the surviving tenants-in-common.e) Example, Don, Charles and Fred Evans own property as tenants-in-common. Charles and Fred each own an undivided 1/4 interest while Don owns the remaining 1/2 interest. If Don Evans were to sell his 1/2 interest to Stan Long, Mr. Long would be a tenant-in-common with Charles and Fred. If Mr. Long were then were then to die so that property passed to his 4 children, each of them would own 1/8 interest as tenants-in common with Charles and Fred, who would each continue to own 1/4 interest.2. Joint Tenancy a) Each person has an undivided ownership interest and possession of the whole property for the duration of the tenancy. In effect, each owns all of the property.b) Right to survivorship applies to the other owner(s). Upon the death of one of only two joint tenants, the survivor becomes the sole owner. On the death of one of three or more joint tenants, the survivors become joint tenants of the entire interest.3. Tenancy by the Entirety. a) Exists only with married couples.b) While married, the wife and husband own the property as a unit and the property can only be disposed of if both give consent;c) If divorced, the former spouses become tenants-in-common and each can sell his/her share without the other's consent.d) Right to survivorship applies upon the death of one tenant by the entirety, the survivor takes the whole.23 Miss. Code. R. § 103-2.3
Social Security Act §1902 (r)(2); 42 CFR §435.601(b) (Rev 1994).