- unrestricted claim of ownership to the assets of a corporation or partnership, as in a joint tenant account or tenancy in common account. Each owner has a claim to the whole asset base. See also joint tenants with right of survivorship.
- secondary market term for ownership in whole loans purchased without recourse from a mortgage originator, mortgage pass-through certificates, or mortgage-backed bonds, such as Collateralized Mortgage Obligations. The investor's claim to the underlying mortgages comes before all other claims.
an ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property. For example, ten investors form a tenancy in common and purchase a 100-acre tract of land. Each cotenant obtains an undivided interest in the property. All decisions as to the use and disposition of the land are made collectively by all cotenants. No one cotenant may unilaterally mortgage, develop, or sell a portion of the tract. A partnership tax return is filed. Each co-owner also includes a share of the income, loss, gain, etc., in his/her own personal income tax return.
an ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property. Compare with partition.
Example:Ten investors form a tenancy in common and purchase a 100- acre tract of land. Each cotenant obtains an undivided interest in the property. All decisions as to the use and disposition of the land are made collectively by all cotenants. No one cotenant may unilaterally mortgage, develop, or sell a portion of the tract.
