Tenants in Common
BoatWiki - Definitions
Tenants in common can be defined in boating terms as an arrangement where two or more parties retain separate ownership interests in the same boat. These may or may not be represented in equal proportions.
As tenants in common, each parties interest becomes part their own separate estate. They may also transfer their individual equity share to another party.
This method of ownership is a function of state jurisdiction and such meaning may vary from state to state. However, most courts will assume an equally held ownership unless other percentages have been declared. In cases where no ownership method has been declared, a tenancy in common is considered the default rather than a joint tenancy. When it comes to methods of ownership on documented boats, the Coast Guard will adhere to state established rules.
Methods of boat ownership can significantly impact legal standings, administrative issues, and matters of taxation. Those taking ownership of any boat should become familiar with the options and seek professional consultation if unsure of the ramifications.
Credits and References
5/192022 - Page initiated by Team BoatWiki.