usufruct


Also found in: Dictionary, Thesaurus, Financial, Encyclopedia, Wikipedia.
Related to usufruct: usufructuary

Usufruct

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.

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.

See: benefit, betterment

usufruct

the right of enjoying the fruits of property of another person, e.g. the wife of a deceased person living in an estate house until her death.

USUFRUCT, civil law. 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 advantage which it may produce, provided it be without altering the substance of the thing.
     2. The obligation of not altering the substance of the thing, however, takes place only in the case of a complete usufruct.
     3. Usufructs are of two kinds; perfect and imperfect. Perfect usufruct, which is of things which the usufructuary can enjoy without altering their substance, though their substance may be diminished or deteriorated naturally by time or by the use to which they are applied; as a house, a piece of land, animals, furniture and other movable effects. Imperfect or quasi usufruct, which is of things which would be useless to the usufructuary if be did not consume and expend them, or change the substance of them, as money, grain, liquors. Civ. Code of Louis. art. 525, et seq.; 1 Browne's Civ. Law, 184; Poth. Tr. du Douaire, n. 194; Ayl. Pand. 319; Poth. Pand. tom. 6, p. 91; Lecons El. du Dr. Civ. Rom. 414 Inst. lib. 2, t. 4; Dig. lib. 7, t. 1, 1. 1 Code, lib. 3, t. 33; 1 Bouv. Inst. Theolo. pg. 1, c. 1, art. 2, p. 76.

References in periodicals archive ?
Abu El-Magd also said the 20-year usufruct system eliminates the idea of establishing a new city because the showroom owner spends millions of pounds for marketing a place, which he would be forced to leave after 20 years.
Licensing the usufruct of the aforementioned lands to government authorities, places of worship, NGOs, and charities shall be in exchange of a nominal sum; or with waiver of the remuneration whatsoever, as decided by Sezad's board of directors and after obtaining the approval of the Ministry of Finance.
It has prepared an integrated package of incentives and facilities that include tax exemptions up to 30 calendar years renewable for similar periods and land usufructs up to 50 calendar years renewable for similar periods.
The Accounting and Auditing Organisation for Islamic Financial Institutions (OIFI) defines sukuk as being "Certificates of equal value representing after closing subscription, receipt of the value of the certificates and putting it to use as planned, common title to shares and rights in tangible assets, usufructs and services, or equity of a given project or equity of a special investment activity.
There are exceptions to usufruct agreements that increase the efficiency of the process and make Poland more attractive to mining companies.
They will also take notice of usufruct and traditional rights of the people.
THE UNUSUAL term usufruct comes from the Latin words usus and fructus, meaning "use" and "fruit.
Finally, non-GCC nationals can acquire a type of leasehold within designated investment areas under which they gain a usufruct (lease) of 99 years or a renewable 50-year musataha (leasing right).
56] While some theorists argue that there are no bounds on an occupier's right to usufruct other than a commitment to prevent the destruction of the property, [57] it is generally accepted that the principle of usufruct entails only the "normal use" of the property.
Because customary authorities were perceived to be male and women were seen to have only secondary usufruct rights, land under these new systems came to be registered in the names of the predominantly male heads of households (Gopal and Salim 1998, p.
The Indian tradition of corporate, usufruct land holding also clashed with English traditions of personal privatization and made economic success difficult.
Both the ownership and usufruct of the object of loan, are transferred to the borrower during the pendency of loan.