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Mr. Barney Case Study

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Mr. Barney Case Study
Discussion Forum 3
Bhumi Patel
Liberty University

One of the three legal issues Mr. Barney is facing includes the investment of mountain home that he owns with three of his friends as joint tenants with right of survivorship. A law states that “The interests of the grantees holding property in joint tenancy with right of survivorship shall be deemed to be equal unless otherwise specified in the conveyance” (North Carolina g.s. § 41-2). This explains that when someone is under a joint tenancy with the right of survivorship and during that period if one of the owner dies, the other joint tenants get that owner’s portion in the property regardless of the deceased owner’s will or the rule of interstate succession (Lewis, 2011). In Mr. Barney’s case, one of his friends, Andy dies and his will showed interest of the property which is owned with three friends to his son, Opie. According to the law explained above, Opie is not entitled to become an owner or the partner of this property and therefore, Mr. Barney is not legally liable for the defaulted loan nor can the bank foreclose the property. As …show more content…
(2005). 2005 North Carolina code - general statutes § 41-2. Survivorship in joint tenancy defined; proviso as to partnership. Justia.com. Retrieved from http://law.justia.com/codes/north-carolina/2005/chapter_41/gs_41-2.html
North Carolina § 40A-3. (2006). § 40A-3. By whom right may be exercised. North Carolina General Assembly. Retrieved from http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/BySection/Chapter_40A/GS_40A-3.html
North Carolina § 40A-46. (1981). § 40A-46. Time for filing answer; failure to answer. North Carolina General Assembly. Retrieved from http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/BySection/Chapter_40A/GS_40A-46.html
North Carolina General Statutes § 40A-3 By whom right may be exercised.
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