Usufruct

USUFRUCT - The right of enjoying a thing, the property of which is vested in another, and to draw from the same all the profit, utility and advantage which it may produce, provided it be without altering the substance of the thing.

The obligation of not altering the substance of the thing, however, takes place only in the case of a complete usufruct.

Usufructs are of two kinds; perfect and imperfect. Perfect usufruct, which is of things which the usufructuary can enjoy without altering their substance, though their substance may be diminished or deteriorated naturally by time or by the use to which they are applied; as a house, a piece of land, animals, furniture and other movable effects. Imperfect or quasi usufruct, which is of things which would be useless to the usufructuary if be did not consume and expend them, or change the substance of them, as money, grain, liquors.

USUFRUCTUARY - One who has the right and enjoyment of an usufruct.

The duties of the usufructuary are, 1. To make an inventory of the things subject to the usu-fruct, in the presence of those having an interest in them. 2. To give secur-ity for their restitution; when the usufruct shall be at an end. 3. To take good care of the things subject to the usufruct. 4. To pay all taxes, and claims which arise while the thing is in his possession, as a ground-rent. 5. To keep the thing in repair at his own expense.
   

This entry contains material from Bouvier's Legal Dictionary, a work published in the 1850's.

From ancient Roman law (and now a part of many civil law systems), usufruct means the rights to the product of another's property. - (read more on Usufruct)