Joint Property definition

Joint Property means property that is owned by 2 or more persons with rights of survivorship, and includes a tenancy by the entireties in real property, a tenancy in personal property as provided in section 1 of 1927 PA 212, MCL 557.151, a joint tenancy, a joint tenancy with rights of survivorship, and a joint life estate with contingent remainder in fee. For purposes of this part, joint property is considered to consist of a present interest and a future interest. The future interest is the right of survivorship.

Joint Property means the real and personal property subject to the agreement to which this Accounting Procedure is attached.

Joint Property means, at any point in time, all xxxxx, facilities, equipment, materials, information, funds and the property held for use in Joint Operations.

Examples of Joint Property in a sentence

• The costs of contract services, equipment, and utilities provided by outside sources, professional consulting services and contract services of technical personnel directly engaged on the Joint Property.

• All taxes of every kind and nature assessed or levied upon or in connection with the Joint Property, the operation thereof, or the production there from, and which taxes have been paid by the operator for the benefit of the Parties.

• All transportation charges directly related to the Joint Property shall be charged to the Joint Account.

• However, Operator shall be entitled to receive reimbursement for all expenses incurred directly in the operations of the Joint Property including, but not limited to, mileage, supplies, and all other monies paid by Operator in operations of the Joint Property.

• Expenses of title examination, handling, investigating and settling litigation or claims, discharging of liens, payment of judgments and amounts paid for settlement of claims incurred in or resulting from the operations under the agreement or necessary to protect or recover the Joint Property.

More Definitions of Joint Property

Joint Property means all property acquired and held for use in connection with operations under this Participation Agreement;

Joint Property means all property acquired or held for use in connection with the Joint Operations;

Joint Property means all property where legal title is acquired and held in connection with Petroleum Operations under the Contract;

Joint Property means equipment acquired for the Joint Operations and fixed property subordinated the Joint Operating Agreement.

Joint Property means all assets of any nature whatsoever, the cost of which is chargeable to the Joint Account and shall include, but not be limited to, buildings, lands, material, equipment and fixtures acquired for the purposes hereof and other rights and all Joint Account funds.

Joint Property means the real and personal property subject to the Agreement.

Joint Property means personal and real property acquired under joint ownership by the Parties and kept by the CONTRACTOR for the purposes of utilization in connection with the conduct of Petroleum Operations.