Also known as: fractional interest · fractional ownership
Written by attorneys · grounded in primary & secondary sources — see below
An ownership interest representing a proportionate share of property or a right that is less than the whole.
Frederick Ferguson and his wife Fatima Flores held their home in joint tenancy with right of survivorship. When Frederick died, the probate court included Fatima's fractional interest in the home as part of the augmented estate for purposes of calculating her elective share against the will. The calculation treated her interest as the fraction with a numerator of one and a denominator equal to one plus the number of surviving joint tenants.
Fatou Fall conveyed land to her daughter Fiona Foster for life, remainder to Fiona's children in equal shares. When Fiona had only two children at the time of the conveyance, the remainder created in each child was a fractional interest subject to complete defeasance if additional children later qualified under the class gift language.
Select any source to read its text and confirm it supports the definition.
The fraction has a numerator of one. The denominator is one plus the number of joint tenants who survive the decedent if the decedent was a joint tenant.
Supporting sources
No. A limitation that would otherwise create such a remainder retains that effect even when the subject matter is only a fractional interest in undivided ownership.
Supporting sources
The holder of a fractional share is entitled to exercise the rights of a shareholder, including voting and dividend rights, unless the corporation instead issues scrip that withholds those rights unless expressly provided.
Supporting sources
The assignment is operative as to the part assigned, but if the obligor has not agreed to separate performance and objects, joinder of all interested parties is generally required before a proceeding can be maintained.
Supporting sources