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joint tenancy with right of survivorship

joint tenancy with right of survivorship definition - finance

A method of property ownership by more than one person. Under joint ten-ancy with right of survivorship, when one of the owners dies, the property passes to the surviving owners. In contrast, under tenants in common ownership, when one of the owners dies, the ownership interest in the property passes through inheritance as directed in the will or trust and is not divided among the other owners. Also called joint tenancy ownership.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
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