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Related Flashcards
Cards In This Set
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Tenancy
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The right of a tenant to possess property either by lease or by title.
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Tenancy by the Entireties
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Joint possession of real property by a husband and wife who are
viewed as one entity under the law. Neither husband nor wife and convey
the property without the consent of the other, and the surviving spouse
takes control of the entire estate.
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Tenancy in Common
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Possession of real property by two or more persons in equal or
unequal shares with each person having the right to enjoy the property
but no right of survivorship.
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Taking the Fifth
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Common parlance for exerting the right against self incrimination in
a criminal proceeding, as set out in the Fifth Amendment to the U.S.
Constitution
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Testator/Testatrix
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The person who makes and executes a will or testament.
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Testimony
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Statements made under oath.
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Title
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Ownership in property including use and possession of the property; written proof of ownership in property.
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Title Search
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The process of determining the chain of title in a piece of real property including all encumbrances, liens, and mortgages.
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Tort
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The breach of a duty that results in an injury for which there is a remedy at law.
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Trademark
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A word or symbol used to distinguish one corporate product from
another. Trademarks are used to protect the genuineness of a product and
if they qualify they can be registered with the U.S. Patent and
Trademark Office.
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Trial
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The adversarial process or resolving disputes either civil or
criminal whereby evidence is presented before a judicial body in
relation to existing law and a resolution is reached.
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Trust
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A property interest held secure for a third person beneficiary by a trustee at the request of another person, the settlor.
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Trust Company
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A corporation engaged in the business of serving as a trustee.
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Trust Fund
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The property held by a trustee for the benefit of a third party beneficiary.
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Trustee
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A person or corporation who holds legal title to property in a trust
for the benefit of a third party beneficiary and a fiduciary duty to
that beneficiary.
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