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 ?
By Mr Fazekass account, there were particularly many people in the Transdanubia region who leased landed areas with usufruct to foreigners indefinitely or for long terms, thereby avoiding the relevant land lease procedures.
The ministry will sign four agreements with Saudi Arabia-headquartered Acwa Power regarding purchasing the energy produced by the project as well as organising the gas supply, state guarantees, and the usufruct system, the report said, citing sources.
The 2004 Law further stipulates that a non-Qatari may acquire the right of usufruct for a term of 99 years renewable on similar terms in certain specified investment areas.
The usufruct agreement was signed, on behalf of SEZAD, by Yahya bin Abdullah al-Jabri, SEZAD Chairman, while it was signed, on behalf of the company, by Mohammed bin Abdullah al-Khonji, Chairman of the Board of Directors and CEO.
Qatar has limited areas which are marked under freehold and usufruct status.
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.
The chairman of the Sinai Development Agency, major general Mohamed Shawqy Rashwan, said the Egyptian investment would help to possess land, while adding joint investment would be able to garner land under the usufruct system.
Islamic law on peasant usufruct in Ottoman Syria; 17th to early 19th century.
3 of 2006 specifying the areas where non-UAE nationals may own real estate properties in Dubai and its amendments, non-citizens are allowed to acquire the usufruct right (life interest) for a period not exceeding 85 years for property located on piece of land No.
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.
The revision is the result of a four-year study requested by the legislature in 2006, authorizing and requesting the Louisiana State Law Institute (the Institute) to study and make recommendations to the legislature on the laws of usufruct and naked ownership, expressly in light of Hurricanes Katrina and Rita.
Bin Talal has agreed on the new terms made by the Egyptian Government, selling 10,000 feddans and another 15,000 feddans in usufruct," Mohamed Gamal Eddin, a legal advisor to the Kingdom Agricultural Development Company (KADCO).