boat registration, british virgin islands yacht registration, marine documentation, USA
20 August, 2017

TENANTS IN COMMON (All States)

The acronym "TIC", which stands for tenancy in common and tenants in common, refers to arrangements under which two or more people co-own a parcel of real estate (or in this case, a vessel), without a "right of survivorship".

This type of co-ownership allows each co-owner to choose who will inherit his/her ownership interest upon death.

By contrast, the type of co-ownership called "joint tenancy" requires that each co-owner's interest pass to the other co-owners upon death.

The broader terms "fractional ownership", "shared ownership", and "co-ownership" encompass all arrangements involving two or more owners, including tenancy in common and joint tenancy.

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