usufruct


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usufruct

the right of use of another's property without destroying or consuming that property. The concept derives from ROMAN LAW, and is in general use in the social sciences to designate property relations whereby either property ownership, particularly in land, is not established within a society, or where use rather than ownership may be the most important aspect of property relations.

Usufruct

 

in ancient Rome, the right held by one person to use property belonging to another and to enjoy the benefits and profits derived therefrom, without, however, changing the substance of such property. Usufruct was a type of personal servitude established for the use of an individual, either for life or for a designated period, without the right of alienation or transfer through inheritance. Widely practiced during the Middle Ages, usufruct became common in bourgeois law, as in France; it was usually regarded as an independent real right.

References in periodicals archive ?
84) In addition, the usufruct agreement can create confusion about the ownership of minerals below the surface.
Now two affordable-housing advocates in New Orleans want to revive usufruct in the wake of Hurricane Katrina, so that--in theory, anyway--the 50,000 to 1,000 water-damaged properties in the area can be quickly rehabilitated by the state.
If any of the waters taken for the settlements were state-owned, a violation would arise u nder Article 55, as Israel's practices have largely gone beyond the principles of usufruct within The Hague Regulations context.
Since women were not allowed land rights as primary right holders, and acquired only temporary usufruct within the lineage system through their husbands or male patrikin, those trained in English law refused to recognize women's access at a formal level (Gopal and Salim 1998, p.
Finally, as noted earlier, loans are essentially a legal contract which involves temporary transfer of property rights, ownership and usufruct, from one party to another; the A'hkam of riba just signify the terms tot executing such exchanges and nothing more.
Decedent's estate denied prior transfer tax credit for usufruct In Carter,(128) the decedent and his spouse were killed in an automobile accident.
Foreign Investment, Political Risk, Currency & Exchange Controls, Succession Law, Forced Heirship, Forced Heirship Planning, Wills, Asset Protection, Asset Protection Planning, Use of Trusts, Usufruct, Life Insurance Strategies, Business Succession and Use of Offshore Companies.
The source said the seven companies will finish finding the needed fund for the plant and will have the priority in obtaining the lands through the usufruct system for 25 years.
The banks with which we and CCC [Consolidated Contractors Company; two subsidiaries of which own 15% of the project] have met, have indicated that Omagine's usufruct rights over the project land can and will be utilised as collateral to support project financing debt facilities.
In addition, Sezad provides usufruct agreements to investors on lands that are included in SEZD for a period of up to 50 years renewable for similar periods, and the project's capital can be entirely owned by non-Omanis.
A usufruct agreement for the use of the project land will be signed between the company and Ministry of Housing, the local unit of Saudi power plant developer and owner said in a statement to the Muscat Securities Market.
The Sukuk follows a lease structure based on usufruct interest ownership over a portfolio of assets.