Usufruct has been used as a noun for the legal right to use something since the mid-1600s. Any right granted by usufruct ends at a specific point, usually the death of the individual who holds it. Usufruct is usually conferred for a limited time period. It can be granted to the usufructuary, or person holding usufruct, as a way to look after property until the death of a property owner and the estate can be settled if the property owner is in ill health.
Or the naked owner may choose retention of the property as administrator3. Or the naked owner may demand receivership or administration of the real property, sale of movable, conversion or deposit of credit instruments, etc. The right of enjoying a thing, the property of which is vested In another, and to draw from the same all the profit, utility, and advan- tage which it may produce, provided it be without altering the substance of the thing.
- Under Roman Law, usufruct was a kind of personal servitude, which people at the time referred to as servitutes personarum.
- For example, a usufructuary right would be the right to use water from a stream in order to generate electrical power.
- Under French law an indefeasible portion known as the forced estate passes to the deceased’s surviving spouse and issue (with shares apportioned according to the number of children), with the rest of the estate – the free estate – free to dispose of by will.
- A liferent, by which a usufruct is known in Scots law, is the right to receive for life the benefits of a property or other asset, without the right to dispose of the property or asset.
- If a usufruct is chosen, a value is set for the usufruct interest for inheritance tax purposes and payable by the surviving spouse, on a sliding scale according to his/her age.
- This article focuses on the meaning of the term when it refers to somebody’s right to use another person’s property.
Usufruct comes from civil law, under which it is a subordinate real right (ius in re aliena) of limited duration, usually for a person’s lifetime. The holder of a usufruct, known as a usufructuary, has the right to use (usus) the property and enjoy its fruits (fructus). In modern terms, fructus more or less corresponds to the profit one may make, as when selling the “fruits” (in both literal and figurative senses) of the land or leasing a house. Modern civil-law systems recognize two types of usufructs.
For example, a usufructuary right would be the right to use water from a stream in order to generate electrical power. Such a right is distinguishable from a claim of legal ownership of the water itself. These examples are programmatically compiled from various online sources to illustrate current usage of the word ‘usufructuary.’ Any opinions expressed in the examples do not represent those of Merriam-Webster https://1investing.in/ or its editors. Our editors will review what you’ve submitted and determine whether to revise the article. These examples are programmatically compiled from various online sources to illustrate current usage of the word ‘usufruct.’ Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. In this video, legal specialist Jonathan Perry explains what a usufruct is.
Dictionary Entries Near usufructuary
Under Roman Law, usufruct was a kind of personal servitude, which people at the time referred to as servitutes personarum. According to usufruct meaning Scots Law, a liferent is the right to receive the benefits of a property. However, the person does not have the right to dispose of it.
He also tells us why and how the law in Louisiana is different from the rest of the country. Only a few jurisdictions in the United States recognize usufruct. In this context, jurisdiction refers to the power of a court or legal system over a geographical area. It was one person’s beneficial right in somebody’s else’s property.
In some usufructory property systems, people or groups may only acquire the right to use the property. The ejido system in Mexico, for example, uses this system. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.
And see Mulford v. Le Franc, 26 Cal. 102; Cartwright v. Cart- wright, 18 Tex. 62S; Strausse v. Sheriff, 43 La. Usufructuary mortgage in the Indian market denotes a unique property financing arrangement where the mortgagor surrenders possession to the mortgagee, explicitly or implicitly. This distinctive mortgage type intertwines property ownership & loan repayment, granting the mortgagee the right to utilize and derive income from the property. Commonly employed in agricultural sectors, this arrangement aids farmers who may lack liquidity but possess valuable land assets.
USUFRUCT OF AN ACTION TO RECOVER THROUGH THE COURTS
They can even rent it out and not share the rental income with the property’s owner. A Civil Law term referring to the right of one individual to use and enjoy the property of another, provided its substance is neither impaired nor altered. While not being able to sell the property, usufructuaries could sell their usufructory interest.
The quasi-, or imperfect, usufruct includes property that is consumable or expendable, such as money, agricultural products, and the like, which would be of no advantage to the usufructuary if he could not consume them, expend them, or change their substance. Under Roman law, usufruct was a type of personal servitude (servitutes personarum), a beneficial right in another’s property. The usufructuary never had possession of this property (on the basis that if he possessed at all, he did so through the owner), but he did have an interest in the property itself for a period, either a term of years, or a lifetime. Unlike the owner, the usufructuary did not have a right of alienation (abusus), but he could sell or lease his usufructuary interest. Even though a usufructuary did not have possessory title, he could sue for relief in the form of a modified possessory interdict (prohibiting order). An usufruct is either granted in severalty or held in common ownership, as long as the property is not damaged or destroyed.
Title to assets does not pass, and the usufruct disappears on death or at the end of a term of years. A usufruct is distinct from a trust or similar settlement. French law breaks with Roman law by construing a usufruct as not a servitude but rather a possessory interest. The usufructuary of woodland may enjoy all the benefits which it may produce according to its nature. If the woodland is a copse or consists of timber for building, the usufructuary may do such ordinary cutting or felling as the owner as in the habit of doing, and in default of this, he may do so in accordance with the custom of the place, as to the manner, amount and season.
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Usufructuary mortgages align with India’s diverse economic landscape, facilitating financial access for those with immovable assets. The Indian legal system recognizes and regulates these transactions, emphasizing the nuanced role this mortgage type plays in fostering economic activities, especially in rural settings. This simplifies handling household items since the surviving spouse is free to maintain, replace or dispose of them as he/she wishes during his/her lifetime, with the monetary value of the items going to the children.
In modern civil law, the usufruct is divided into perfect usufruct and imperfect usufruct or quasi-usufruct, depending on whether the property is subject to depletion. For perfect usufruct, the property is used without changing its nature. In the latter, the property cannot be used without being consumed, such as money, food, etc., and the usufructuary shall deliver to the owner at the end of the usufruct the same value or the same quantity and quality as at the beginning of the usufruct.
Usufruct is the right to use and benefit from a property, while the ownership of which belongs to another person. The person who enjoys the usufruct is called the usufructuary. The usufructuary shall maintain the property as a responsible owner and shall not cause damage to or diminution of the property, except where the property is subject to natural depletion over time.
The owner of a property burdened by a usufruct is called the fiar and right of ownership is known as the fee. A usufruct is the right to use and enjoy a property that belongs to someone else. It is the legal right, for example, to derive income from another person’s property. However, the term does not include destroying the property. The person making use of the property must not damage it in any way.
USUFRUCT ON A BUILDING AND/OR LAND CONCERNED THIS ARTICLE DISTINGUISHES BETWEEN:
These may be divided into civil (fructus civiles), industrial (fructus industriales), and natural fruits (fructus naturales), the latter of which, in Roman law, included slaves and livestock. This article contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.