Legal definition of Joint Ownership via an "OR" disignation
This is a discussion on Legal definition of Joint Ownership via an "OR" disignation within the Other Business & Finance Law Issues forum, part of the BUSINESS & FINANCE LAW category; Q: A Jumbo CD (of $200,000) is held as "Party 1 OR Party 2" and the interest has been reported ...
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Feb 8th, 2008, 07:44 PM
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Legal definition of Joint Ownership via an "OR" disignation
Q: A Jumbo CD (of $200,000) is held as "Party 1 OR Party 2" and the
interest has been reported under SS # of Party 1. Upon the death of Party 1, is the "OR" designation technically the same as "AND" (implying joint ownership) or how is such "OR" titling to be interpreted? Does Party 2 assume legal ownership of CD upon death, outside of probate? A different account was held as joint with an "AND" statement, but this "OR" designation seems unclear. Any thoughts? |
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