Usufruct

According to Article 467 of the Civil Code, a usufruct is the right to use an asset belonging to someone else with the obligation to preserve its form and substance, unless otherwise stated by law or the usufruct agreement.

This is a real, temporary and transferable right that grants the beneficial owner immediate and direct power over the asset or right, without the need to obtain the bare owner's consent to exercise this right.

The usufruct holder has the right to retain all of the natural, industrial, and civil benefits gained from use of the usufructed asset. The usufruct holder can also rent the asset to a third party, but with the condition that any such contracts will be dissolved at the end of the usufruct.

An usufruct can be constituted by the law, by the intent of the individuals as stated in an inter-vivo agreements or a last will, and by prescription.

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