Weekend at Barney's

Weekend at Barney’s

Joel Jenkins

BUSI 561

June 15, 2014

Professor Kathleen Tailer

Weekend at Barney’s

In each of Barney’s property disputes there are different terms and conditions at play. Barney must be sure he knows his legal rights before preceding into legal action to recoup any of his property.

In regards to the mountain property and Barney’s dispute with Opie, Barney is entitled to full ownership of the property and cannot have it foreclosed on by the bank. There are three models of co-ownership in existence today: tenancy in common, joint tenancy with right of survivorship, and tenancy by entires (Spitzer, 1985). Tenancy in common allows for each co-owner to have a separate and distinct claim to their individual share, however, the right to possession is equally shared by all (1985). The only way a tenant’s interest in the property can be altered is through validation of contractual agreement with each of the co-tenants (1985). When a co-tenant dies, the co-tenant’s interest passes to the designated beneficiary (1985). Joint tenancy is similar except in the case of death (1985). In joint tenancy, when a tenant dies the tenant’s stake in the property is passed to the surviving parties (1985). For this reason, Andy could not leave or transfer his stake in the property to his son Opie. Because it was a joint tenancy, Andy’s death triggered the right survivorship which passed all of his interest to the surviving party. This means that the bank can not foreclose on the property because Opie’s claim to ownership is void. Opie took out a loan based on the equity he believed he had in the property but since he had no legal stake in the property he can not use it as collateral. Therefore, the bank cannot foreclose on a property that does not belong to Opie.

The situation regarding the mountain home and Ernest is a much more complicated. By the laws of adverse possession valid title to the property can be obtained by living continuously...