TENANTS IN COMMON (All States)

The acronym "TIC", which stands for tenancy in common and tenants in common, refers to arrangements under which two or more people co-own a parcel of real estate (or in this case, a vessel), without a "right of survivorship".

This type of co-ownership allows each co-owner to choose who will inherit his/her ownership interest upon death.

By contrast, the type of co-ownership called "joint tenancy" requires that each co-owner's interest pass to the other co-owners upon death.

The broader terms "fractional ownership", "shared ownership", and "co-ownership" encompass all arrangements involving two or more owners, including tenancy in common and joint tenancy.