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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.


Related Terms

survivorship -

tenancy by the entirety -

tenancy in common -  More

Related Terms on BusinessDictionary

tenancy by the entirety
tenancy in common
joint tenancy

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