What Is A Usufruct Agreement
Article 600. The usufruit of a non-mortgaged interest is not obliged to pay the debt for the guarantee for which the mortgage was formed. If the property is tied up or sold in court for the payment of the debt, the owner is liable for the usufruit of all that the latter has to lose. (509) Article 567. Natural or industrial fruits that grow when usufruit begins are part of the usufruit. Those who grow up at the time of the cessation of usufruit belong to the owner. 1. On the usufruit side. Must return the property to the naked owner. For the preservation of property until it is reimbursed for capital taxes and essential extraordinary repairs and expenses 1.
If no one is injured2. If it renounces by the naked owner or there are provisions in a will or contract3. If usufruit is the donor of the domain4. Where it is the parental usufruit5. If caucion juratoria, which takes place the link, and is made by an oath to properly fulfill the duties of a nudization blaze, but this is mandatory only under conditions . Things in article 570 as civil fruit and is considered proportional to the naked owner and the usufruit to cover, for the time of the usufruct takes only in a little recognized jurisdiction, as for example. B Louisiana. For example, if a party has a usufruit in a property, it has the full right to use or rent it and to collect the rental income without sharing it with the actual owner while the usufruit is in effect. In Thailand, the commercial and civil code is based on the European civil code and recognizes the concept of usufruit in articles 1417 to 1428. Usufruit can be performed for life or up to 30 years under the law.
It must be registered with the local authority to have a total effect on third parties, on Nor Sor Sam title flights or more. The Land Department in Thailand will use its own forms and contracts. However, the parties can enter into their own agreements. A usufruit contract in Thai and English is available here, paying the required fee for the download. 3. If the naked owner pays alone for insurance, but it is a failure or omission. The effect is the same as if it divides, but the usufruit must reimburse the naked owner his share of the insurance premium. Deterioration due to normal use, usufruit is not responsible.
, it is always obliged to pay the necessary or ordinary costs. Degrade yourself for fraud or negligence, usufruit is responsible . The naked owner is generally not allowed to sell the usufruit to another after first selling it to usufruit, but if he does, the rules for double sales apply 1.