700.17 Classification and characteristics of certain concurrent interests.
(1) Classification of concurrent interests. Interests in property may be owned concurrently by 2 or more persons as joint tenants or as tenants in common. A joint tenancy or tenancy in common established exclusively between spouses after the determination date is classified as provided under s. 766.60 (4) (b).
(2) Characteristics of joint tenancy.
(a) Each of 2 or more joint tenants has an equal interest in the whole property for the duration of the tenancy, irrespective of unequal contributions at its creation. On the death of one of 2 joint tenants, the survivor becomes the sole owner; on the death of one of 3 or more joint tenants, the survivors are joint tenants of the entire interest. If a survivor disclaims under s. 854.13 (2) (b), the joint tenancy is severed as of the date of death with respect to the disclaimed interest.
(am) Survivorship under par. (a) is governed by s. 854.03 (2).
(b) If a joint tenant unlawfully and intentionally kills another joint tenant of the same property, the disposition of the deceased joint tenant's interest in the joint tenancy is governed by s. 854.14.
(3) Characteristics of tenancy in common. Each of 2 or more tenants in common has an undivided interest in the whole property for the duration of the tenancy. There is no right of survivorship incident to a tenancy in common, but a remainder may be created to vest ownership in the survivor of several persons who own as tenants in common other preceding interests, such as a life interest, in the same property.
History: 1971 c. 66; 1981 c. 228; 1985 a. 37; 1987 a. 222; 1995 a. 360; 1997 a. 188; 1999 a. 85.
NOTE: As to sub. (1), see notes in 1985 Wis. Act 37, marital property trailer bill.
Rental income must be attributed to joint tenants in proportion to ownership. McManus v. Department of Revenue, 91 Wis. 2d 682, 283 N.W.2d 576 (1979).
Concurrent ownership; joint tenancy and tenancy in common. Talsky, 55 MLR 321.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 700 - Interests in property.
700.02 - Classification of interests in property as to duration.
700.03 - Classification of present and future interests.
700.04 - Classification of future interests.
700.05 - Classification of remainders.
700.06 - Interest for life of another; succession.
700.07 - Transferability of future interests.
700.08 - Estate tail becomes fee simple; effect of gift over after attempted estate tail.
700.09 - Interest contingent on death without issue.
700.10 - Remainder to heirs of owner of life interest; abolition of rule in Shelley's case.
700.11 - Interests in “heirs" and the like.
700.12 - After-born persons included in class gift.
700.13 - Remainders presumed not to shorten prior interest; acceleration of remainders.
700.14 - Indestructibility of contingent future interests.
700.15 - Nominal conditions not enforced.
700.16 - Perpetuities and suspension of power of alienation.
700.17 - Classification and characteristics of certain concurrent interests.
700.18 - Determination of cotenancy generally.
700.19 - Creation of joint tenancy.
700.20 - Extent of undivided interests in tenancy in common.
700.21 - Covendors in contracts to transfer.
700.215 - Exception for equitable rights of cotenants and 3rd persons.
700.22 - Exception for bank deposits, checks, government bonds and vehicles.
700.23 - Liability among cotenants for rents and profits.
700.24 - Death of a joint tenant; effect of liens.
700.25 - Applicability of chapter.
700.26 - Applicability of general transfers at death provisions.
700.27 - Disclaimer of transfers during life.
700.28 - Prohibiting unreasonable restrictions on alienation of property.
700.35 - Renewable energy resource easements.