Serena and Douglas were joint tenants of a piece of land. Although Serena did not take much
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Serena and Douglas were joint tenants of a piece of land. Although Serena did not take much interest in the property, Douglas saw its potential value in the rental market. He therefore leased the property to Marcus Inc for $50 000 per year. Because Douglas did not want Serena to know about the lease, he persuaded Marcus Inc that there was no need for a written agreement. Marcus Inc occupied the property for five years, during which it paid a total of $250 000 in rent to Douglas. The land now sits empty. Serena died two months ago. Shortly before she passed away, however, she discovered the details of the rental arrangement that Douglas had created with Marcus Inc, and she demanded a share of the profits. Douglas refused. The situation became more complicated upon Serena's death because she left a will that gave everything she owned, including her interest in the land, to her sister, Rumana. Discuss the rights and liabilities that may affect Douglas, Serena, and Rumana.
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This question raises several issues dealing with joint tenancies The problem is most easily addressed in five points Nature A joint tenancy is a form ...View the full answer
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