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Loan and Mortgage Terms Glossary |
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Tenancy In Common:
A form of ownership in which two or more parties own property, with each owning a separate interest. When one owner dies, that owner's share passes to his or her heirs and not to the remaining owners. When ownership of a deposit account is established as tenancy in common, the signatures of all owners are necessary for a withdrawal. See joint tenancy and tenancy by the entirety.
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