Share And Share Alike Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Share And Share Alike, written in plain English, along with examples of how it is used.
What is Share And Share Alike?
(adj) The phrase is used to represent the distribution of a property , rights, benefits etc to the persons eligible to get the benefit by virtue of his share or to the person bestowed with the right by virtue of any other legitimate process. For example dividing the distributable profit to the shareholders and legal beneficiary of the deceased partner.
History and Meaning of Share And Share Alike
The phrase "share and share alike" originated in the 16th century and it means that things are to be divided in equal parts, or that all participants should enjoy an equal share of something. It is commonly used in the context of inheritance, where multiple heirs are entitled to a portion of an estate, but it can also apply to distributing profits or assets among partners or shareholders in a company.
Examples of Share And Share Alike
- Two siblings inherit a house from their parents, and they decide to sell it and split the proceeds "share and share alike."
- A business partnership dissolves, and the partners divide the assets "share and share alike" according to their ownership interest.
- In a joint bank account, each account holder is entitled to withdraw funds "share and share alike" without the need for mutual agreement.
Legal Terms Similar to Share And Share Alike
- Pro Rata - the proportional allocation of something based on a percentage or share.
- Joint Tenancy - a form of co-ownership in which each owner has equal rights, and the property automatically passes to the surviving owner upon the death of the other.
- Tenancy in Common - a form of co-ownership in which each owner has a specific share of the property, which they can sell or bequeath to their heirs without the consent of the other owners.