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 ?
This is comparable to granting usufructuary rights to beneficial users of water.
Nevertheless given the continued pressure on natural resources, there may be opportunities to extend use and co-management rights to include legal claims for tribes to be involved in land use and environmental regulatory decisions in order to protect usufructuary interests.
Ultimately, because of the usufructuary nature of water rights, traditional water federalism, and the public trust doctrine, equitable apportionments are distinct from other original actions.
For the English, the negotiation of usufructuary rights to land was central to political authority.
The liquidator could sell the real estate but the value assessment prolonged the procedure for years and, in addition in favor of the members often usufructuary right for lifetime was recorded into the real estate registration, that is the real estates are non-sellable.
The Hague Regulations stipulate that the occupier must be regarded as "administrator and usufructuary of public buildings, real estate, forests, and agricultural estates belonging to the hostile State, and situated in the occupied country.
It has contributed to poor access to usufructuary rights in land.
The registration of usufructuary rights as envisaged under the policy is a misnomer.
When asked to state the nature of the right being asserted and for which a declaration was being sought, counsel for the appellants described it as "an interest which is a burden on the title of the Crown; an interest which is usufructuary in nature; a tribal interest inalienable except to the Crown and extinguishable only by legislative enactment of the Parliament of Canada.
Part II analyzes how China's 2007 Real Right Law gives legal protection to usufructuary rights in water permits and encourages the sustainable use of water, and the investment therein, that is fundamental to continued economic development.
Though Claussen does not raise the possibility, one wonders whether Chrodegang was not providing New Testament justification for the kinds of usufructuary property grants to churches that became common at just this time.
Most concretely, Blackstone recognizes that water is incapable of absolute ownership but instead is subject only to "temporary, transient, usufructuary property.