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Usufructuary Agreement Philippines | Malort Salzburg

Usufructuary Agreement Philippines

Art. Extraordinary repairs are the responsibility of the owner. The usufruit is required to inform the owner if the need for such repairs is urgent. (501) Usufuctuary may also be required to provide sufficient guarantee to ensure compliance with its obligations as a usufruit. A warranty is not required: art. 607. If the usufruit consists of a building property to which a building belongs and if it is destroyed in one way or another, the usufruit has the right to use the land and materials. The same rule applies when the usufruit is only on one building and it must be destroyed. But in such a case, if the owner wants to build another building, he has the right to occupy the land and use the materials, since he is obliged to pay the usufruit, during the pursuit of the usufruit, interest on the sum corresponding to the value of the country and materials.

(517) The usufruitier should also look after the property with the care of a good family man. Therefore, it is held: “Due to normal degraded use, usufruit is not responsible. If you degrade yourself as a result of an event or act that endangers their preservation, usufruit, even if there has been no fault, negligence or fraud on the part of the casting brewery, is required to pay the necessary or ordinary costs. The usufruit can only own the property when it gives security2. The usufruit cannot manage the property, so there can be no lease3. The usufruit cannot collect credits that have matured, nor invest them, unless the court or the bare owner accepts4. But usufruit can alienate its right to usufruit 1. The agreement of the parties or the title giving usufruit2. In the event of a default, apply the Civil Code – A co-owner may give usufruit on his part to another, even without the consent of others, unless there are personal considerations.

Civil fruits are considered daily and are part of the usufruit in relation to when usufruit can last. (474) Art. 590. A usufruit or caring for his right to usufruit must be held accountable for any damage to objects that may be caused by the fault or negligence of the person who replaces him. (498) Article 612. At the end of the usufruit, the object is delivered in usufruit to the owner, without prejudice to the right of retention of the usufruit or his heirs for the extraordinary taxes and charges that should be repaid. Once the delivery is made, the guarantee or mortgage is cancelled. (522 bis) 1. If the naked owner has received the compensation, he has the opportunity. Replace with equivalent dingb. Or to pay the usufruit the legal interest on usufruit2.

If the naked owner and the usufruit were compensated separately, each has the compensation granted to him, the usufruit is totally extinguished3. If the compensation has been awarded without loss of days, he must give it to the naked owner and compel him to return the interest or replace the property art. 568. If the usufruit has leased the land or rental buildings given in the usufruit and the usufruit expires before the termination of the lease, he or his heirs and successors receive only the proportionate share of the rent to be paid by the tenant. (473) The naked owner is not normally allowed to sell the usufruit to another, after selling it first to the usufruit, but if he does, the rules for double sales apply 1.

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