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- Identify and explain the various forms of concurrent ownership of real property.In her will, Teressa granted a life estate to Amos in certain real estate, with remainder to Brenda and Clive in joint tenancy. All the residue of Teressa’s estate was left to Hillman College. While going to Teressa’s funeral, the car in which Amos, Brenda, and Clive were driving was wrecked. Brenda was killed instantly, Clive died a few minutes later, and Amos died on his way to the hospital. Who is entitled to the real estate in question?define and explain what is Privileges, and Probable Cause
- At the time of her death, Olga Mestrovic was the owner of a large number of works of art created by her late husband, Ivan Mestrovic, an internationally known sculptor and artist whose works were displayed throughout Europe and the United States. By the terms of Olga’s will, all the works of art created by her husband were to be sold and the proceeds distributed to members of the Mestrovic family. Also included in the estate of Olga Mestrovic was certain real property that 1st Source Bank (the Bank), as personal representative of the estate of Olga Mestrovic, agreed to sell to Terrence and Antoinette Wilkin. The agreement of purchase and sale made no mention of any works of art, although it did provide for the sale of such personal property as a dishwasher, drapes, and French doors stored in the attic. Immediately after closing on the real estate, the Wilkins complained to the Bank of the clutter left on the premises; the Bank gave the Wilkins an option of cleaning the house themselves…please explain contra preferentum rule and its rationaleLeonard Wolfe was killed in an automobile accident while driving his Toyota Camry. The car was rendered a total loss, and Wolfe’s insurance carrier paid his estate $18,550 for damage to the vehicle. Under the terms of Wolfe’s will, any car owned at his death was to be given to his brother, David. Wolfe’s daughter, Carol, however, brought an action, claiming that the gift of the car to David was adeemed by its total destruction and that she, as the residuary legatee under the will, was entitled to the insurance proceeds. Who is entitled to the insurance proceeds?
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- Explain the primary rights and obligations of landlords and tenants.In 2000, an unregistered parcel of land was mortgaged by owner O to M, a family friend, as collateral for a loan. O acted through his attorney-in-fact, son S, who was duly authorized by way of a special power of attorney, therein O declared that he was the absolute owner of the and, that the tax declarations/receipts were all issued in his name, and that he has been in open, continuous and adverse possession in the concept of owner. As O was unable to pay back the loan plus interest for he past 5 years, M had to foreclose the mortgage. At the foreclosure sale, M was the highest bidder. Upon issuance the sheriffs final deed of sale and registration in January 2006, the mortgaged property was turned over to M’s possession and control. M has since then developed the said property. In 2007, O died, survived by sons S and P. In 2017, after the 10th death anniversary of his father O, ion P filed a suit to annul the mortgage deed and subsequent sale of the property, etc., on the ground of…Prior to her death in 2023, Elfrieda made lifetime taxable gifts of $34,000. At her death, she was survived by her husband and daughter and owned the following property interests. Sole ownership: Life insurance on her husband's life with a death benefit of $500,000 and a replacement cost of $120,000, with her children as the beneficiaries A portfolio of stocks, bonds, and CDs valued at $8,000,000 Personal residence with a fair market value of $500,000 Joint ownership: With her husband: household furnishings, personal property, bank accounts, and automobiles worth a total of $800,000 With her daughter: a vacation condo valued at $400,000 for which her executor has records showing a 20% contribution by her daughter Her will bequeaths the personal residence outright to her husband with the rest and remainder of her estate to her daughter. She had debts of $6,000 and administrative costs of $24,000. Which one of these amounts, if any, most closely approximates Elfrieda's estate tax…