Lesson 16: Share with Care!
Terms in this set (14)
one of two or more debtors both of whom are liable for payment of the same debt.
ownership system in effect in nine states whereby each spouse owns half of any asset acquired after
of which spouse acquired it.
joint ownership of a property by two or more people.
a person who has agreed in writing to be responsible for paying another person's debt should that person default.
a person or entity who agrees to be responsible for another's debt if the other fails to pay and the lender cannot collect the debt from the borrower.
credit issued to two or more people with joint and equal responsibility for repaying the entire debt.
shared and equal responsibility for an obligation.
shared ownership of an asset; concurrent ownership.
an equal and undivided ownership of an asset by two or more people with a right of survivorship.
the share of an asset that a person owns.
the creditor's taking back of an asset when the borrower defaults on repayment of the loan that financed the purchase.
right of survivorship
when one joint tenant dies, their interest automatically transfers to the other joint tenant(s).
TIC; a shared ownership in which each holder has a distinct, separately transferable interest with no right of survivorship.