PassMyNotary25

The act of partition is most similar to which other type of notarial insturment?
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Terms in this set (16)
The act of partition is most similar to which other type of notarial insturment?
Exchange
For how long may a partition of property be excluded by agreement?
15 years
When a partition is judicially ordered, a notary is appointed to
take inventory of the property to be partitioned.
An action for lesion to rescind a partition by juridical act
can occur if the value of the part received by a co-owner is less by more than one-fourth of the fair market value of the portion he should have received.
Partitions by judicial sale are called
partitions by licitation
A co-owner can freely ___,___ or ___ his or her share of property held in indivision.
lease, alienate or encumber
A testator can provide that property given to a legatee cannot be partitioned for a period not to exceed
5 years
When a testator provides for a partition in his/her will, in order for this provision to have legal effect
all children of the testator/deceased must be included.
A testator can prohibit a partition of property bequeathed to children or grandchildren who are also minors
for up to five years from the testator's death or until the legatee becomes a major, whichever is longer
Extrajudicial partitions are also known as
partitions done by juridical act.
Parties who own property in indivison:own a proportional interest of an entire tract shared with other co-owners.Partitions made in testamentscan be made by olographic or notarial testamentJones and Swift are co-owners of 40 acres of property. Jones would like to lease the property so Jackson can raise cattle. In order to affect the entire property, who must consent to the lease?Both Jones and SwiftIf Jones owns 70% of 40 acres and Swift owns 30%, what are the proportional share of the fruits produced?Jones receives 70% of the proceeds and Swift receives 30%The following statutory directives are required for acts of partition:marital status change declaration and property tax matter designeeDistributions of property by partition in donation inter vivos or by testamentare distinct from the contract of partition and subject to form requirements applicable to donations or testaments.