5) Survivorship--On the death of one spouse, the other spouse becomes the sole owner of the entireties property.
An estate by the entireties can be created in property capable of being held as an estate by the entireties where a conveyance of transfer is made to husband and wife without expressly specifying how they are to take.
Transferring the proceeds of the sale of an entireties property to a trustee for the benefit of the husband and wife does not terminate the unities of title or possession, where the parties clearly intended their property to be held as tenancy by the entireties by exercising beneficial ownership of the property and controlling the property's disposition.
Various alternatives were discussed to deal with the situation, including a specific exemption for those states with tenancy by the entireties, as well as consideration of eliminating the provision with respect to any business credit transaction.
For a complete listing of those states that utilize tenants by the entireties and a more complete explanation of the common law principle, please see the Manual of Credit and Commercial Laws, 91st Edition.
Smith that "Under the law in force in this State there may be a tenancy by entireties in both real and personal property; and whether such an estate exists as the result of the acquisition of property by and in the names of both husband and wife, must be determined by a consideration of the nature and terms of the transaction as portraying the intent of the parties and of the rules of law applicable thereto.
For an in-depth analysis of these issues and the current state of Florida law, please read our article, "Florida Supreme Court Cases Confirm Tenancy by Entireties in Personal Property and Ability of One Spouse to Transfer Assets to Tenancy by the Entireties," available at the following website: Floridatenancybytheentiretiesjurisprudence/gassmanlawassociates.
The Court noted that if it reached a contrary conclusion, the entireties property would belong to no one for Sec.
However, the Court declined to rule on the proper valuation of the husband's interest in the entireties property, reversing and remanding the case to the Sixth Circuit.
4th DCA 1995), where ownership is defined as joint tenants with right of survivorship, a creditor of one of the joint tenants may attach that joint tenant's portion of the property to recover that joint tenant's individual debt, whereas when property is held as tenants by the entireties, only the creditors of both spouses, jointly, may attach the TBE property.
4) Nor can one spouse unilaterally withdraw funds from an account held as tenants by the entireties and transfer those funds to a third party.
In an unusual ruling, the district court allowed the IRS to seize an interest in one half of the proceeds from the sale of tenancy by the entireties property.
Craft had present rights to property, even though he owned it as a tenant by the entireties, and that federal law allowed the government to maintain a lien on the husband's rights to property.
3] Therefore, entireties property is property of the estate, unless exempted.
Consequently, a debtor could theoretically own all of his or her assets as tenancies by the entireties, receive a full discharge, and exit the bankruptcy process with an enormous amount of property.