right of survivorship
Definition
Ownership of property by two or more people in which the survivors automatically gain ownership of a decedent's interest. In the case of more than one survivor, the decendent's share is divided among the survivors. In addition, each owner can sell or gift his/her share as he/she wants, without the other owners' permission.
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Related Terms
survivorship, tenancy by the entirety, tenancy in common
'right of survivorship
' appears in the definitions of these other terms on BusinessDictionary.com
joint tenancy, tenancy by the entirety, tenancy in common
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