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

Question

Quizplus · Accepted Answer

This is a clear example of joint tenancy in which the owners have equal rights to the stock, and upon the death of one owner, their interest is automatically transferred to the surviving owner. This is different from tenancy in common, where each owner has a separate and distinct share that can be passed on to their heirs upon their death. Life estate and ownership in fee simple absolute are not applicable in this scenario.

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