Section 700.17. Classification and characteristics of certain concurrent interests.

 

(1)   Classification of concurrent interests. Interests in property may be owned concurrently by 2 or more persons as joint tenants or as tenants in common. A joint tenancy or tenancy in common established exclusively between spouses after the determination date is classified as provided under s. 766.60 (4) (b) .

(2)   Characteristics of joint tenancy.

(a) Each of 2 or more joint tenants has an equal interest in the whole property for the duration of the tenancy, irrespective of unequal contributions at its creation. On the death of one of 2 joint tenants, the survivor becomes the sole owner; on the death of one of 3 or more joint tenants, the survivors are joint tenants of the entire interest. If a survivor disclaims under s. 854.13 (2) (b) , the joint tenancy is severed as of the date of death with respect to the disclaimed interest.

(am) Survivorship under par. (a) is governed by s. 854.03 (2) .

(b) If a joint tenant unlawfully and intentionally kills another joint tenant of the same property, the disposition of the deceased joint tenant's interest in the joint tenancy is governed by s. 854.14 .

(3)   Characteristics of tenancy in common. Each of 2 or more tenants in common has an undivided interest in the whole property for the duration of the tenancy. There is no right of survivorship incident to a tenancy in common, but a remainder may be created to vest ownership in the survivor of several persons who own as tenants in common other preceding interests, such as a life interest, in the same property.

1971 c. 66 ; 1981 c. 228 ; 1985 a. 37 ; 1987 a. 222 ; 1995 a. 360 ; 1997 a. 188 ; 1999 a. 85 .

Note

As to sub. (1), see notes in 1985 Wis. Act 37 , marital property trailer bill. Microsoft Windows NT 6.1.7601 Service Pack 1 Rental income must be attributed to joint tenants in proportion to ownership. McManus v. Department of Revenue, 91 Wis. 2d 682 , 283 N.W.2d 576 (1979). Microsoft Windows NT 6.1.7601 Service Pack 1 Concurrent ownership; joint tenancy and tenancy in common. Talsky, 55 MLR 321. Microsoft Windows NT 6.1.7601 Service Pack 1