joint ownership

joint ownership definition - legal

n

Undivided ownership of the whole of an asset by two or more individuals. Upon the death of any one, his or her rights pass to the surviving owners rather than to the heirs of the decedent.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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