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Ownership of property by two or more people in undivided interests, without the right of survivorship. Each coowner's interest may be conveyed separately by its owner. Tenancy in common dissolved by conveyance of a co-tenant interest to another new tenancy in common is created between grantees and remaining co-tenants. In the event that one of them dies, his or her interest passes by a will to his or her devises or heirs by intestate succession and not to the other tenants in common.