Usufruct


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Usufruct

A temporary legal right to derive profits from property owned by others, given that the property is not damaged. See: Beneficial ownership

Usufruct

The temporary right to use and profit from a property that belongs to another, provided one does not damage the property. For example, a farmer may have usufruct of another person's land. If he grows crops on that land, they belong to the farmer and not the property owner. Only a few jurisdictions in North America recognize usufruct, but it is an important concept in some investment vehicles in Islamic finance.
References in periodicals archive ?
87) In addition, the state can grant exploitation-mining usufructs that expire after a limited amount of time, and under no circumstances is Poland required to ultimately grant an exploitation mining usufruct at all.
Luckily for those who shudder at the idea of the Louisiana government becoming the largest construction firm and residential real estate company on the Gulf Coast, the usufruct revival has yet to worm its way to the state legislature.
For land along the west bank of the Jordan River deemed to be state property, Israel's use of the riparian rights would be circumscribed under the concept of usufruct found in Article 55.
Individual households only had usufruct rights over the land they tilled, and these rights could not be transferred by sale, lease, or mortgage.
All transactions may be seen as controlling ownership rights and/or access to usufruct of the object(s) of exchange.
Critique: The estate asserted that the decedent's usufruct was an indeterminate interest within the meaning of Regs.
Due to very limited supply within usufruct areas, demand from retail investors for an apartment remains top of the mark, the AREDC research wing said.
Transactions include all sales operations, selling usufruct, registering deferred sale, request for rent to owner (transfer), request of rent to owner (transfer) and registration of land addition by sale.
Responding to the criticisms raised after the granting of a lease for the land in Puerto Quetzal to the company Barcelona Container Terminal, the official again justified the unilateral grant of usufruct to the company TCB, saying it is not subject to tender because the Port legislation allows it.
Pedro Olivera, director of the National Center for Control of the Land, told reporters that 922,000 hectares have been turned over in usufruct so far.
His Excellency Sheikh Mohammed Bin Ali Al Qatabi, The Minister for Electricity & Water, representing the Government of Sultanate of Oman, signed the Concession Agreement, Asset Sale Agreement, Generation Usufruct (Lease) Agreement and T&D Usufruct (Lease) Agreement.
Robisheaux mentions but does not expand upon the existence of usufruct clauses, which in practical terms annulled the significance of ownership in the beneficiary's lifetime, as long as she remained in the widowed state.