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SENATE
BILL 5067
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Passed
Legislature - 1993 Regular Session
State
of Washington 53rd Legislature 1993
Regular Session
By
Read
first time 01/11/93. Referred to Committee on Law & Justice.
Altering the provisions concerning joint tenancy.
AN ACT Relating to joint tenancy; and amending
RCW 64.28.010 and 64.28.040.
BE
IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1.
RCW 64.28.010 and 1963 ex.s. c 16 s 1 are each amended to read as follows:
Whereas joint tenancy with right of
survivorship permits property to pass to the survivor without the cost or delay
of probate proceedings, there shall be a form of co-ownership of property, real
and personal, known as joint tenancy. A joint tenancy shall have the incidents
of survivorship and severability as at common law, including the unilateral right of each tenant to sever
the joint tenancy. Joint tenancy
shall be created only by written instrument, which instrument shall expressly
declare the interest created to be a joint tenancy. It may be created by a
single agreement, transfer, deed, will, or other instrument of conveyance, or
by agreement, transfer, deed or other instrument from a sole owner to himself
and others, or from tenants in common or joint tenants to themselves or some of
them, or to themselves or any of them and others, or from husband and wife,
when holding title as community property, or otherwise, to themselves or to
themselves and others, or to one of them and to another or others, or when
granted or devised to executors or trustees as joint tenants: PROVIDED, That
such transfer shall not derogate from the rights of creditors.
Sec. 2.
RCW 64.28.040 and 1985 c 10 s 2 are each amended to read as follows:
(1) Joint tenancy interests held in the names
of a husband and wife, whether or not in conjunction with others, are presumed
to be their community property, the same as other property held in the name of
both husband and wife. Any such interest passes to the survivor of the husband
and wife as provided for property held in joint tenancy, but in all other
respects the interest is treated as community property.
(2) Either
husband or wife, or both, may sever a joint tenancy. When a joint tenancy is
severed, the property, or proceeds of the property, shall be presumed to be
their community property, whether it is held in the name of the husband or
wife, or both.
(3)
This section applies as of January 1, 1985, to all existing or subsequently
created joint tenancies.
