Legally speaking, joint or co-ownership relation may exist in both real and personal property. The relationship is determined by the rule that, if the property be granted to two or more without any words of severance, the grantees are joint owners and a right of survivorship exists between them. But if there are words of severance, “to A and B in equal shares”, or “equally”, or “share and share alike”, or other similar expressions, the co-owners are owners in common.
On the death of one owner in common his interest passes to his personal representative and does not vest on the surviving co-owner or co-owners as in the case of joint ownership. But both joint owners and owners in common have unity of possession whether their interests be joint or common, no co-owner has an exclusive right to any part of the property.
Thus, a concurrent owner is guilty of conversion against his co-owner only if he excludes his co-owner from the common property and particularly if he destroys the property or disposes it that the co-owner is denied his rights. But most likely, he cannot be sued for conversion by his co-owner if he merely makes use of the common property in a reasonable way, or takes or keeps it or if he sells it without excluding his co-owner from the proceeds. So far as the last instance, the co-owner who sells the property in bad faith is always liable to account.
Wherein two or more, have a joint account in common form whereby the money is payable to the order of all or any one of the joint creditors or to the survivor. The intention is to create a joint interest which will accrue to the survivor or survivors on the death of one of the joint creditors, but subject to the equitable presumption that money placed in the name of someone other than the depositor is deemed to be held upon a resulting trust in favour of the depositor. However, presumptions may be rebutted by evidence.
To overcome problems, terms of the joint account shall be clear. There are many cases related to joint accounts, particularly between spouses. The crucial point is the intention at the transaction. Both parties are to be aware of such intention but, unfortunately, many issues arise after breaking up or death.
