Klondike and Leola own 10,000 shares of stock in My-T Gro Corporation.On the death of either owner,that owner's interest in the stock passes to the surviving owner.This is
A)ajoint tenancy.
B)community property.
C)a tenancy in common
D)ownership in fee simple.

Question

Quizplus · Accepted Answer

In a joint tenancy, when one owner dies, their interest in the property automatically passes to the surviving owner(s) without the need for probate. This is the case in this scenario for the ownership of the 10,000 shares of stock in My-T Gro Corporation. Community property typically applies in marital relationships, while a tenancy in common would allow each owner to pass on their portion of the shares to their heirs or beneficiaries. Ownership in fee simple would mean complete ownership of the property without any restrictions or limitations, which is not the case in this scenario. Therefore, the best choice is joint tenancy.

Klondike and Leola Own 10,000 Shares of Stock in My-T