Usufructuary Agreement Philippines

The usufruct shall lapse: (1) By the death of the usufruct, unless there is manifestly an intention to the contrary; (2) By the expiry of the period, (3) By merging the usufruct and ownership of the same person; (4) By waiver of the usufruct;5) By the total loss of the usufruct;6) of the person who represents the usufruct; (7) On prescription. (513 bis) Section 567. Natural or industrial fruits that grow at the time of usufruct are part of the usufruct. Those that grow up at the time of usufruct belong to the owner. Interest on the proceeds of the sale of movable property and interest on public securities and bonds as well as income from assets under management belong to the usufruct merchant. In addition, the owner, if he prefers, until the usufruct does not provide or has given birth for that purpose, may keep in his possession the usufruct property in his possession, subject to the obligation to deliver the net proceeds of it to the usufruct, after deduction of the sums that may be agreed or that have been authorized to him by judicial means for such an administration. (494) 1. On the side of the beneficiaries of the usufruct. Must return the property to the bare owner. To retain ownership until capital taxes and necessary extraordinary repairs are reimbursed to him and exceptionally. . .

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