(1)Except as
otherwise provided in subsection (3) of this section and in section 38-31-201, no
conveyance or devise of real property to two or more natural persons shall create
an estate in joint tenancy in real property unless, in the instrument conveying the
real property or in the will devising the real property, it is declared that the real
property is conveyed or devised in joint tenancy or to such natural persons as joint
tenants. The abbreviation JTWROS and the phrase as joint tenants with right of
survivorship or in joint tenancy with right of survivorship shall have the same
meaning as the phrases in joint tenancy and as joint tenants. Any grantor in any
such instrument of conveyance may also be one of the grantees therein.
(1.5) (a) The doctrine of the four unities of
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(1) Except as
otherwise provided in subsection (3) of this section and in section 38-31-201, no
conveyance or devise of real property to two or more natural persons shall create
an estate in joint tenancy in real property unless, in the instrument conveying the
real property or in the will devising the real property, it is declared that the real
property is conveyed or devised in joint tenancy or to such natural persons as joint
tenants. The abbreviation JTWROS and the phrase as joint tenants with right of
survivorship or in joint tenancy with right of survivorship shall have the same
meaning as the phrases in joint tenancy and as joint tenants. Any grantor in any
such instrument of conveyance may also be one of the grantees therein.
(1.5) (a) The doctrine of the four unities of time, title, interest, and possession
is continued as part of the law of this state subject to subsections (1), (3), (4), (5), (6),
and (7) of this section and paragraph (b) of this subsection (1.5).
(b) Subsections (1), (3), (4), (5), (6), and (7) of this section are intended and
shall be construed to clarify, supplement, and, limited to their express terms,
modify the doctrine of the four unities.
(c) For purposes of this subsection (1.5), the doctrine of the four unities of
time, title, interest, and possession means the common law doctrine that a joint
tenancy is created by conveyance or devise of real property to two or more persons
at the same time of the same title to the same interest with the same right of
possession and includes the right of survivorship.
(2) (Deleted by amendment, L. 2006, p. 240, � 1, effective July 1, 2006.)
(3) A conveyance or devise to two or more personal representatives,
trustees, or other fiduciaries shall be presumed to create an estate in joint tenancy
in real property and not a tenancy in common.
(4) An estate in joint tenancy in real property shall only be created in natural
persons; except that this limitation shall not apply to a conveyance or devise of real
property to two or more personal representatives, trustees, or other fiduciaries. Any
conveyance or devise of real property to two or more persons that does not create
or is not presumed to create an estate in joint tenancy in the manner described in
this section shall be a conveyance or devise in tenancy in common or to tenants in
common.
(5) (a) Except as provided in sections 38-35-118 and 38-41-202 (4), a joint
tenant may sever the joint tenancy between himself or herself and all remaining
joint tenants by unilaterally executing and recording an instrument conveying his or
her interest in real property to himself or herself as a tenant in common. The joint
tenancy shall be severed upon recording such instrument. If there are two or more
remaining joint tenants, they shall continue to be joint tenants as among
themselves.
(b) Filing a petition in bankruptcy by a joint tenant shall not sever a joint
tenancy.
(6) (a) The interests in a joint tenancy may be equal or unequal. The interests
in a joint tenancy are presumed to be equal and such presumption is:
(I) Conclusive as to all persons who obtain an interest in property held in joint
tenancy when such persons are without notice of unequal interests and have relied
on an instrument recorded pursuant to section 38-35-109; and
(II) Rebuttable for all other persons.
(b) This subsection (6) does not bar claims for equitable relief as among joint
tenants, including but not limited to partition and accounting.
(c) Upon the death of a joint tenant, the deceased joint tenant's interest is
terminated. In the case of one surviving joint tenant, his or her interest in the
property shall continue free of the deceased joint tenant's interest. In the case of
two or more surviving joint tenants, their interests shall continue in proportion to
their respective interests at the time the joint tenancy was created.
(d) For purposes of the Colorado Medical Assistance Act, articles 4, 5, and
6 of title 25.5, C.R.S., a joint tenancy shall be deemed to be a joint tenancy with
equal interests among the joint tenants regardless of the language in the deed or
other instrument creating the joint tenancy.
(7) Nothing in this section shall be deemed to abrogate any existing case law
to the extent that such case law establishes other means of severing a joint
tenancy.