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usufruct

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Financial Dictionary

Usufruct definition


A legal term describing a situation wherein a person or company has a temporary right to use and derive income from someone else's property (provided that it isn't damaged).

Investopedia Commentary

Usufruct is recognized only in a few jurisdictions in North America.

See also: Personal Property

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u·su·fruct

   [yoo-zoo-fruhkt, -soo-, yooz-yoo-, yoos-]
–nounRoman and Civil Law.
the right of enjoying all the advantages derivable from the use of something that belongs to another, as far as is compatible with the substance of the thing not being destroyed or injured.
Use usufruct in a Sentence
Origin:
1620–30; < LL ūsūfrūctus, equiv. to L ūsū, abl. of ūsus (see use (n.)) + frūctus (see fruit)
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2010.
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World English Dictionary
usufruct (ˈjuːsjʊˌfrʌkt) [Click for IPA pronunciation guide]
 
—n
the right to use and derive profit from a piece of property belonging to another, provided the property itself remains undiminished and uninjured in any way
 
[C17: from Late Latin ūsūfrūctus, from Latin ūsus use + frūctus enjoyment]
 
usu'fructuary
 
—n, —adj

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

usufruct
"right to the use and profits of the property of another without damaging it," 1618 (implied in usufructuary), from L.L. usufructus, in full usus et fructus "use and enjoyment," from L. usus "a use" + fructus "enjoyment," lit. "fruit." Attested earlier in delatinized form usufruit (1478).
Online Etymology Dictionary, © 2010 Douglas Harper
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Legal Dictionary

Main Entry: usu·fruct
Pronunciation: 'yü-z&-"fr&kt, -s&-
Function: noun
Etymology: Latin ususfructus from usus et fructus, literally, use and enjoyment
: the right to the use and enjoyment of another's property and its profits usufruct in the crops of the estate>; especially in the civil law of Louisiana : a personal servitude of limited duration that confers the right of use and full enjoyment of another's property and its fruits
NOTE: Under the civil law of Louisiana, one having a usufruct in land must deliver it to the owner with its basic substance undiminished at the end of the term; one having a usufruct in consumables acquires ownership of them, but must return their value or things of the same quantity or quality at the end of the usufruct.
Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
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Encyclopedia

usufruct

in Roman-based legal systems, the temporary right to the use and enjoyment of the property of another, without changing the character of the property. This legal concept developed in Roman law and found significant application in the determination of the property interests between a slave held under a usus fructus (Latin: "use and enjoyment") bond and a temporary master. Any property acquired by a slave as a result of his labour legally belonged to that master

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Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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