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Author Question: Limited partners can have their name used in the partnership name and still have limited liability. ... (Read 128 times)

RRMR

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on: Jun 24, 2018
Limited partners can have their name used in the partnership name and still have limited liability.
  Indicate whether the statement is true or false

Question 2

William Ratliff left a oneacre parcel of land to his children by the following language in his will: To my son, Alex and my daughter, Anne, as joint tenants and not as tenants in common. The land is worth 300,000. Alex borrowed 100,000 from a bank and pledged his interest in the land as security. Shortly thereafter, Alex was killed in an auto accident. Anna says she now owns the property free and clear of the bank's interest. The bank claims there was no right of survivorship and they can carry their interest through Alex's estate. Who is correct?


hugthug12

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Reply #1 on: Jun 24, 2018
Answer to Question 1

FALSE

Answer to Question 2

The court will probably recognize the right of survivorship since it was specified that they were not tenants in common. If so, the bank has no interest upon Alex's death. Anna has full title clear of the lien unless she signed the paperwork for it.


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