Usufruct

(redirected from usufructuary)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia, Wikipedia.
Related to usufructuary: Usufructuary Rights

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 ?
In the absence of a property rights regime to protect usufructuary interests, (121) environmental plaintiffs have not been able to obtain standing when their asserted injury concerns interference with their property interest in the water itself.
Article 55 reads in full: "The occupying State shall be regarded only as an administrator and usufructuary of public buildings, real estate, forests, and agricultural estates belonging to the hostile State, and situated in the occupied country.
Prescott held (1) that overlying landowners did not have vested ownership of the physical water beneath their lands, and instead only held usufructuary rights to use that water; and (2) that those usufructuary rights were appropriately subject to regulation.
Land cannot be divided, sold or inherited, but improvements are heritable, and, when a usufructuary dies, their children have priority rights over their land.
The transition will continue to be bumpy, with arguments about where the proper boundary is between the publicly owned common resource and the usufructuary rights that have been granted to private parties, between the in-place values of water and the consumptive values, and between present uses and future uses.
20) At its core, however, regulated riparianism separates itself from prior appropriation because the usufructuary rights it creates are for a limited time, so that when permits expire new entrants are in a position to seek allocation of the scarce water resource on the basis of a single set of standards.
Grotius distinguished between territories where the king's fights were proprietary or patrimonial, and territories where his rights were usufructuary because the kingship was conferred by succession or election (ibid.
Over time, their usufructuary interest was not substantial enough.
Lord Watson wrote that the tenure of the Indians was a personal and usufructuary right.
c) the appraisal report must contain a description of the property at the date of the decision authorizing the execution of road investment made by the appraiser and signed by the ruler of the plot (the owner, usufructuary, lessee, user, holder spontaneous), in the event that the above-mentioned road manager description of assessed property, the contractor is required to verify the submitted description and make him ruler of the signature of the plot - in the absence thereof,
a collection of Oregon doctrines protecting public usufructuary rights