AR HB1145

Amends Arkansas Code § 18-12-106 to establish four conditions under which a joint tenancy with right of survivorship can be legally severed: the severance instrument must be recorded with the county recorder before the severing tenant's death, executed by all joint tenants, ordered by a court of competent jurisdiction, or effected through a joint tenant's bankruptcy.

Eliminates the common law right allowing a single joint tenant to unilaterally sever a joint tenancy by conveying their interest without consent or knowledge of other joint tenants.

Declares an emergency exists because joint tenancies are being severed daily without the consent or knowledge of co-tenants who rely on survivorship rights, citing harm to the financial and emotional wellbeing of remaining joint tenants.

Provides for immediate effective date upon governor's approval, expiration of veto period without action, or veto override by both houses.