Oregon Statutes 93.180 – Forms of tenancy in conveyance or devise to two or more persons
(1) A conveyance or devise of real property, or an interest in real property, that is made to two or more persons:
Terms Used In Oregon Statutes 93.180
- Devise: To gift property by will.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- 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.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
- Trustee: A person or institution holding and administering property in trust.
(a) Creates a tenancy in common unless the conveyance or devise clearly and expressly declares that the grantees or devisees take the real property with right of survivorship.
(b) Creates a tenancy by the entirety if the conveyance or devise is to spouses married to each other unless the conveyance or devise clearly and expressly declares otherwise.
(c) Creates a joint tenancy as described in ORS § 93.190 if the conveyance or devise is to a trustee or personal representative.
(2) A declaration of a right to survivorship creates a tenancy in common in the life estate with cross-contingent remainders in the fee simple.
(3) Except as provided in ORS § 93.190, joint tenancy in real property is abolished and the use in a conveyance or devise of the words ‘joint tenants’ or similar words without any other indication of an intent to create a right of survivorship creates a tenancy in common. [Amended by 1983 c.555 § 1; 2007 c.64 § 1; 2015 c.629 § 5]