§ 47-02-01 Ownership – Classification
§ 47-02-02 Absolute ownership defined
§ 47-02-03 Qualified ownership defined
§ 47-02-04 Sole or concurrent ownership designated
§ 47-02-05 Concurrent ownership defined
§ 47-02-06 Joint tenancy interest defined
§ 47-02-07 Partnership interest defined
§ 47-02-08 Interest in common defined
§ 47-02-09 Commencement and duration of interests
§ 47-02-10 Present interest defined
§ 47-02-11 Future interest defined
§ 47-02-12 Perpetual interest defined
§ 47-02-13 Limited interest defined
§ 47-02-14 Determination of time of creation of limitation
§ 47-02-15 Future estates – Classification
§ 47-02-16 Alternative contingencies
§ 47-02-17 Improbable contingency – Future interest valid
§ 47-02-18 Future estates pass
§ 47-02-19 Posthumous heir
§ 47-02-20 Mere possibility not an interest
§ 47-02-21 Future interests – Limitation
§ 47-02-22 Conditions of ownership – Definition
§ 47-02-23 Conditions – Classification
§ 47-02-24 Illegal conditions void
§ 47-02-25 Restraints upon marriage void – Use until marriage
§ 47-02-26 Restraints on alienation – When void
§ 47-02-27.1 Statutory rule against perpetuities – Invalidity of certain contingent property interests, general powers of appointment, special powers of appointment, and general testamentary powers of appointment
§ 47-02-27.2 When contingent property interest or power of appointment created
§ 47-02-27.3 Reformation
§ 47-02-27.4 Exclusions from statutory rule against perpetuities
§ 47-02-27.5 Prospective application
§ 47-02-28 Termination of future interest – Provision by creator
§ 47-02-29 Future interest dependent on death without successors is defeated by birth of posthumous child
§ 47-02-30 Future interest – Effect of change of intermediate interest
§ 47-02-32 Future interest – Effect of determination of precedent interest – Contingent remainders not artificially destructible
§ 47-02-33 Rights of owner of life estate
§ 47-02-34 Life estate – Obligation to maintain property – Waste – Taxes – Other charges and assessments

Terms Used In North Dakota Code > Chapter 47-02 - Classification of Ownership

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • children: includes children by birth and by adoption. See North Dakota Code 1-01-18
  • Contract: A legal written agreement that becomes binding when signed.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fiduciary: A trustee, executor, or administrator.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Individual: means a human being. See North Dakota Code 1-01-49
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Partnership: includes a limited liability partnership registered under chapter 45-22. See North Dakota Code 1-01-49
  • Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Property: includes property, real and personal. See North Dakota Code 1-01-49
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Rule: includes regulation. See North Dakota Code 1-01-49
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
  • Statute: A law passed by a legislature.
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes the District of Columbia and the territories. See North Dakota Code 1-01-49