- A & B (not married) owned a property as Joint tenants. The property was repossessed and monies paid into court.
- A dies.
- Does the Court still hold the property (proceeds of sale) on the joint tenancy and therefore the proceeds of sale pass via survivorship to the remaining owner?
Unless either (or both) of A and B did anything to sever the joint tenancy, I believe the proceeds of sale will be subject to the same trusts, with beneficial ownership passing wholly to B upon A’s death.
Thanks Paul. That is my view too although a colleague has suggested that the property trust came to an end at the point of repossession and then it is debatable whether the Court hold on a resulting trust on the same joint tenant basis or 50/50 to each. I am struggling to find any authority or definitive answer and I’m pleased that your response agrees with mine!
Bankruptcy can sever a joint tenancy if this were a reason for the repossession.
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