New Jersey Statutes 46:3-17.1. Joint tenancies; creation
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Terms Used In New Jersey Statutes 46:3-17.1
- Grantor: The person who establishes a trust and places property into 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.
Any conveyance of real estate, hereafter made, by the grantor therein, to himself and another or others, as joint tenants shall, if otherwise valid, be as fully effective to vest an estate in joint tenancy in such real estate in the grantees therein named, including the grantor, as if the same had been conveyed by the grantor therein to a third party and by such third party to said grantees.
L.1950, c. 71, p. 129, s. 1, eff. April 25, 1950.