Can a brokerage account that holds assets be registered Tenants in Entirety.
Yes, unless it is a marital account held as Tenancy By The Entirety (TBE).
Yes. The very rare exception is if the married couple reside in a state that allows the account to be held as Tenancy By The Entirety and only one spouse is the debtor.
Yes, in Pennsylvania, a joint back account can be levied. This is usually called a levying of bank accounts or garnishing wages.
In most states it is possible for a joint marital account to be levied by a judgment creditor even when only one of the couple is the debtor. The exception would be those states which allow marital accounts to be protected under Tenancy-By-The-Entirety. (TBE) If a joint account is seized the joint holder must file a motion with the court to have funds belonging to them returned, if there is no proof as to the amount belonging to the non-debtor the state's default laws will apply. In community property states the entire account of a married couple is subject to a judgment levy, w/o recourse for the either spouse's funds being returned.
Yes. Judgments can be executed against joint accounts with the exception of accounts held by a married couple as Tenancy By The Entirety when only one spouse is the debtor. The usual procedure is for the account to be frozen and the non debtor account holder filing a motion with the court to have the portion of funds belonging to them released. The best option if the debtor believes he or she may be sued, is to remove themselves from the account to avoid the joint holder being penalized. If the debtor has received a civil summons or a judgment has already been awarded, then no action can be taken in regards to the account to prevent attachment by the judgment creditor.
Yes, unless it is a marital account held as Tenancy By The Entirety (TBE).
Not if it is a marital account held as Tenancy By The Entirety.
It depends upon how the account was established. The original agreement by the married couple will state if the account is held as Tenancy By The Entirety, Joint Tenancy, or Joint Tenancy With Right of Survivorship. If there is no such designation the state default laws will apply. Although Maryland allows TBE, it is not an automatic defense in protecting a joint marital account. The decision as to whether or not the account can be levied when only one spouse is the judgment debtor is made by the presiding judge.
Tenancy in common; joint tenancy; tenancy by the entirety; tenancy in partnership; life tenancy.
Yes. Tenancy by the entirety is recognized in Utah. See related link.
Yes. A judgment creditor can levy a joint account and request the bank freeze account funds until a decision is made on the percentage of ownership each account holder is entitled to. Joint marital accounts are sometimes viewed differently if they are allowed to be held as Tenancy By The Entirety and the original account application/signature card specifically states those terms.
Yes. Usually when a joint account is garnished by a judgment order and only one person on the account is the debtor, the court will 'freeze' the account and the non debtor account holder will need to submit proof of the amount of funds in the account that belongs to them. An exception could be,if the account is held by a married couple as Tenancy By The Entirety and only one spouse is the debtor.
Colorado recognizes the following types of ownership: tenancy in common and joint tenancy, but not tenancy by entirety and community property. A grant of ownership of real estate to two or more persons is presumed to create a tenancy in common, unless the instrument specifically states that a joint tenancy is being created. Colorado Code §38-31-101, 107.
Yes. The tenancy by the entirety was created in Illinois in 1990. See this article for more information: http://cmetro.ctic.com/TitleIssues/v1n7.pdf The tenancy by the entirety statute is found at Section 1c under the Illinois Joint Tenancy Act found at 765 ILCS 1005/1.
Yes. The very rare exception is if the married couple reside in a state that allows the account to be held as Tenancy By The Entirety and only one spouse is the debtor.
In most states, creditors can garnish any account joint or not as long as the person they are trying to collect from is on that account. Sorry. The non debtor account holder should supply proof of the amount of funds held in the account that belongs to them. The court will then decide which funds are subject to levy. An exception to the levy of joint accounts is if the account is held by a married couple in a state that recognizes Tenancy By The Entirety of personal property, in such a case, the account cannot be levied when only one spouse is the debtor.
No. Connecticut no longer recognizes tenancy by the entirety. A deed to two persons as T by E will now create a joint tenancy which is a form of ownership that is subject to claims of creditors. See C.G.S. section 14-14a.