Husband and wife purchase or lease of real estate; rights of
survivor
Sec. 1. (a) This section applies to a written contract in which a
husband and wife:
(1) purchase real estate; or
(2) lease real estate with an option to purchase.
(b) Except as provided in subsection (d), a contract described in
subsection (a) creates an estate by the entireties in the husband and
wife. The interest of neither party is severable during the marriage.
(c) Upon the death of either party to the marriage, the survivor is
considered to have owned the whole of all rights under the contract
from its inception.
(d) If:
(1) a contract described in subsection (a) expressly creates a
tenancy in common; or
(2) it appears from the tenor of a contract described in
subsection (a) that the contract was intended to create a tenancy
in common;
the contract shall be construed to create a tenancy in common.
As added by P.L.2-2002, SEC.2.
Last modified: May 24, 2006