Decatur Daily Democrat, Volume 57, Number 172, Decatur, Adams County, 23 July 1959 — Page 12

PAGE FOUR-A

Articles Inform Public Os Services Os Lawyer

JOINT OWNERSHIP In Indiana property owned together by two or more persons. not husband and wife, is usually held in ‘joint tenancy' or a tenancy in common.' Each method of ownership has its peculiar characteristics and rules; and it is well for all of us who may own property with others to be familiar with some of the general principles applicable to them. Ownership of property by husband and wife is subject to special rules which are not here conisdered. JOINT TENANCY Assume that John Carey and his brother? Tom t’arey, are going to purchase some real estate. If they are to own the property as ‘joint tenants,’ this means that they own the property together, and that upon the death of the first to die, the other automatically becomes the sole owner of the property. If, for example, John dies first. Tom owns the whole property. John’s heirs and his creditors will no longer have rights against it. Tom will be free to dispose of the property, and if he does not, at his death his heirs or other beneficiaries will become the owners. In order to create a ‘joint tenancy’ special winds must be included in the deed, and the deed must be very carefully drawn. TENANCY IN COMMON If the deed to John and Tom does not expressly state that they are to be joint tenants, then they become ‘tenants in common,’ for it requires an explicit provision to create a joint tenancy. Like joint tenants in common own the property together, but each tenant in common owns his interest absolutely and can control what shall happen to it. If John pre-deceased Tom as a tenant in common, John’s interest passes pursuant to his will, or, if he has no will, to his heirs pursuant to Indiana law. As a result, Tom may own only one-half of the property after Joan’s death. During the existence of a joint tenancy or tenancy in common, each tenant owns as undivided share of the whole estate, and has the right to the possession and enjoyment of the whole property to the extent of his interest, including, any rents and profits derived from the property. TAX CONSIDERATIONS The advisability.of taking property in joint tenancy or tenancy in common cannot be answered in gen-

Compare them all, Freezer by Freezer- > I stores «««• sui>er - SL . rh» modern __ -"SWCRI 525 Counter. <Vl\ FAST BASKETS WUA “ POUNDS FHO- Balanced \\V-2 MHI gW "B J UNE IZi ' r I' "nr ™™ OF food I lid! SECTION divider DESIGN <PW> fiISS, I 'll '' ' * /// Dulux Finish FU Jls us ij Conlrdi \&J Sfe- Dry-Wall Color Styled, Distinctive i ' Ilil 111 fa —— ' H Inside and Out Floodlight in Lid XL/ Construction Hardware, Built-in Lock GREAT FEATURES on any other ferof?U../W, h en (^ p ” <es • • • pay up and not get as much as is built into this wonderful 15 cubit f00t,,. Royal Deluxe Yours for only *5 Down! jb. A F I 1° bring you this tremendous value, Gambles Bn Ej| \ WMttWXA- / ordered 35 TRAINLOADS (each train 20-25 — -g MH HH KiS ‘ Wjjl “HB I -faMm* / box cars long) OF ONE FREEZER MODEL - TP A nF ■m IM BM BM gm — H FvVuCr / we're shipping them direct from factory, elim- K affifi HEM wHI fijlM H ADVERTISED IN far / inating warehousin 9 and store handling ex- |H t| AUVEKII3EU in Hiro TfUA / pense. See the Royal Deluxe now on display at ■■ ttl I IFF I nniT Ml I our store - Com P are other national brands sell- PdV EVCVI I" H>® Crate ■ Mik lAJf rl> ;■ dL - , / ing for up to $l2O more. Then you'll agree that ■ r c MADALiiA /! ~/ / there has never been another sale like this! I e I BM HH . SUCCUSSIVI « I What a time to go modern and enjoy the freezer LGSS • 2.50 Per Week, H Farmina M.> ■ * / wa y of living-feed your family better while Payable Monthly J you save work and cut food bills! GAMBLES OPEN FRIDAY AND SATURDAY NIGHTS UNTIL 9 P.M. |

leralities, since each case depends 'on individual circumstances, considered in connection with many 1 1 technical factors. Tax consequences of joint tenancy have become particularly important these days It is advisable to obtain competent (legal abvice before property is pur-' J chased jointly with others. . Banks Grant More Loans To Farmers , Indiana banks were serving farmers with more credit than any institutional group of lenders on January 1 of this year, according I to T F Graliker, president of the ; First State Bank of Decatur, who i represents the Indiana bankers f association as Adams county, ag-1 ricultoral banker. During 1958. the state’s banks maintained their | leadership in agricultural credit srevices. Based on the eighteenth annual farm lending summary by the agricultural. commission of the American bankers association, Graliker reported that “at the beginning of the year, Indiana bank- ( ers were helping farmers with' $184,503,000 in loans—lo per cent more than a year previous. The I total included $116,733,000 in pro-1 duction loans and $67,770,000 in; agricultural mortgages. On the | same date. $129,215,000 in agricultural loans were held by insurance companies; and $8,638,000 in ; nonreal estate loans plus $10,566,- ( 000 in real estate loans by the' farmers home administration. : About two-thirds of the production credit extended by lending institutions to Indiana farmers came from banks.” Graliker said *hat “more and more, the banks in Indiana find that farmers need a new type of credit to help finance the rapid increase in capital requirements. To meet this changing need, banks in Indiana now make larger farm loans, and an increasing amount of agricultural credit is on an in-termediatd-term repayment basis. “Intermediate-term loans are most frequently needed for machinery nad equipment, livestock, soil improvements, additional

i ’ . . , - - ’Vj' ION-DRIVEN SPACE VEHICLE— From Sunnyvale, Calif., comes this drawing of a space vehicle (right) being propelled by a low-density, low-thrust beam of ions supplied by an atomic reactor (left). Distance between the two would be a mile, to protect passengers from radiation. Because of absence of gravity and air resistance in outer space, very little power would be necessary to propel vehicle once it was out of the earth’s gravitational field by conventional power.

land, and “refinancing short-term notes. Over one-half of all real estate credit is used to finance those intermediate-type capital ex- ' ponses. “As a further service to help | farmers improve their operations, I about one-third of all other bank j agricultural loans have a repayment - program longer than one year. Banks serve farmers with i far more intermediate-term credit . than any other group of lenders.” Graliker believes that “farmers and bankers working together in ! this way help make Indiana agriculture more prosperous.” He reported that 98 per cent of the insured commercial banks in Indiana are serving agriculture's credit needs. Heat From The Inside NEW YORK (UPD—Not all summer heat comes from the sun. Heat-absorbing moisture from indoor cooking, washing and bathing will send temperatures up, according to the Allied Chemical Corp. Exhaust fans in kitchens, bathrooms and washing-machine rooms may be a good investment.

THE DECATUR DAILY DEMOCRAT, DECATUR, INDIANA

I •*4 1 * B I . W -W .... F A ■.’ IK ' t. - LA'' ILI.1 FILMS IN THEIR FUTURE? — “Miss Universe” contestants make , * w’ith a movie camera in Long Beach, Calif., as the week- ■ » long beauty competition progresses. From left are Jorunn j I Kristiansen, “Miss Norway;” Marie Louise Ekstrom, “Miss ) i Sweden;” and Terry Lynn Huntington, “Miss California.”

Summer TV Repeals Highest In History UPI Hollywood Correspondent HOLLYWOOD (UPI) These are the video dog days. Sultry summer heat has wilted coaxial cables to the tune of 62 repeat TV series, highest in history. This plethora of second-runs is diluted by only 14 continuing firstrun' scries and 10 new programs. Small wonder, then, that ratings on all three networks have plummeted. Nothing, but nothing, frustrates the average televiewer more than tuning in a favorite show only to realize, mid-way through the action, that he has seen, the program before. In the final June ratings for the regular season the top 10 shows were “Gunsmoke,” “Have Gun. Will Travel,*’ “Danny Thomas; §how,” “Rifleman,” “Wagon Train,” “Wyatt Earp,” “Peter Gunn,” “77 Sunset Strip.” “Father Knows pest” and “Playouse 90." Each and every one is beaming reruns during the hot months. The rerun gimmick was started. ' several seasons back when Groucho Marx decided to take a summer vacation. Instead of losing his audience du/ing the dog days, he replaced . his Comedyquiz show with “The Best of Groucho,” taken from the previous season’s airings. The flood-gates opened the following year. For the past few summers televiewers have been marooned with “oldies.” Among the handful of new shows hitting ■ the air this month are three detective thrillers, “21 Beacon St.” “Brenner” and “Markham.” Lawrence Welk continues with his "live” champagne music,, and the “Summer Chevy Show" is all new. “Peck’s Bad Girl” is one of the few new situation comedies to reach home viewers during the summer hiatus. Almost all the horse operas and private eye series which prospered during the winter months Will be back at the old stand come the first frost on the pumpkin. Sofne old favorites, rerunning right now, will fade from view, however, including the Bob Cum-, mings and Phil Silvers shows. But weep ye not for these I losers. They are sure to crop up’ as “summer replacement re-j peats” for the next five years. i

g PBW Mkr 'CSh BL wEh t»£ r > k WK®W»^JF' P< ■ ' -ihiU. ■ w# I «* '<*»< tw W^FM : ; jBmRRIwCT i ’ wW .•? u kwm ■BfcJr~< ' * “ W ® w J t AT BEAUTY PAGEANT-Vera Ribeiro (right). Miss Brazil, is greeted on her arrival at Long Beach, Calif., by Luz Marina Zuluago of Colombia, the reigning Miss Universe. Beauties from 30 foreign countries and 46 from the United States will , ’ compete at Long Beach for title of “Miss Universe of 1960. 1 *

SAI.E OF SCHOOL RISES The undersigned Blue Creek School Township, Adams County, Indiana, will offer for sale by seal bids, to the highest bidder at not less than appraised vnme up to July 25, 1959, 2:ou P.M. the following School Township property: 1- 1952 International Chassis - Hicks Body - 48 Passenger 1- P.i49 Chevrolet Chassis - Carpenter Body - 48 Passenger 1- 1951 Chevrolet Chassis - I’nion City Body - 48 Passenger This property is located at the Kimsey School. 1 mile south and *4 west of Salem, Blue Creek Township. Adams County, Indiana. ‘ Terms will lie cash upon delivery of a. dear title by the Township Trustee to successful bidder and/or bidders. The Trustee and Advisory Board I reserves the right to reject any and all bids. Frank Myers Frank Mvers, Trustee July 16, 23 Storing Foods Costly NEW YORK (UPD—Deterioration, shrinkage and spoilage of price support commodities stored j by the Federal government cost I taxpayers $23 million in fiscal 1958. I according o the Tax Foundation, [fee. I t

THURSDAY, JULY 23, 1959

Voglewede A Andernon Attorneys ESTATE NO. 5303 NOTICE TO AI,I. PERSONS INTERESTED IX THE ESTATE OF* BENJAMIN EITINII In the Adams Circuit Court of Adams County Vacation Term. Ifki9 In the matter of the Estate of Beniamin Eiling deceased. Notice is hereby given that Elisabeth Eiling as Administratrix of the above named estate, has presented and filed her final account in final settlement of said estate, and that the same will come up for the examination and action of said Adams Circuit Court, on the 7 of August, 1959, at which time all persons interested in said estate are required to appear in said court and show cause if any there be, why said account should not be approved. And : the heit* of said decedent ami all others Interested are also required to appear and make proof of their heirship or claim to any part of said estate. Elixnbeth Eiling Personal Representative Judge Pro Tan Hubert R. MeClennhnn July 16, 23 At least 30 disease germs are carried by houseflies. Among them are the organisms that cause tuberculosis, typhoid fever, cholera, yaws and trachoma.