Can a corporation hold property in joint tenancy with a natural person?

California, United States of America


The following excerpt is from Bank of America Nat. Trust & Sav. Ass'n v. Long Beach Federal Sav. & Loan Ass'n, 141 Cal.App.2d 618, 297 P.2d 443 (Cal. App. 1956):

Appellant contends that a corporation cannot hold property in joint tenancy with a natural person because there can be no reciprocity of survivorship between them. Dewitt v. City of San Francisco, 2 Cal. 289. This was recognized as the common law rule in the American Bible Society case, supra, but the court found it unnecessary to decide whether it has been changed in this state, 217 Cal. at page 13, 17 P.2d 105, for it held that a valid trust had been created for the benefit of the donor and the corporation and thereby necessarily held a trust in joint tenancy could be created for the benefit of a corporation. Such is the case at bar.

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