Usufruct Agreement Sample Philippines

Art. 579. Usufruit may make useful improvements or expenses on the property preserved in usufruit for simple pleasure, as it deems appropriate, provided it does not change shape or substance; But he has no right to be compensated. However, it can remove such improvements if possible without property damage. (487) Article 611. A usufruit that exists in favor of several people who lived at the time of its constitution does not die until after the death of the last survivor. (521) Article 568. If the usufruit has leased the land or rental buildings donated in the usufruit and the usufruit expires before the termination of the lease, he or his heirs and successors receive only the proportional share of the rent to be paid by the tenant. (473) Art. 601. The usufruit is required to inform the owner of any act of a third person of which he may be aware, which may harm property rights, and he is liable, if he does not, for any damage, as if it had been caused by his own fault. (511) 1.

If Usufructuary has not given security, or if it is released or where only a caucion has been juratoria, the collection and investment can only take place with the agreement of the court or the naked owner2. If Usufructuary has given security, pickup and investment can be made without the consent of the court or owner Nsked Article 590. A usufruit or caring for his right to usufruit must answer for any damage to objects that may be caused by the fault or negligence of the person who replaces him. (498) 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 by the binding, and is made by an oath to properly fulfill the duties of a usufruit, but this is prescribed only under the conditions of art. 569. Civil fruits are considered daily and are part of the usufruit at a time when usufruit can last.

(474) Article 598. Where the usufruit is made up of an entire estate and the owner has debts at the time of his statutes, the provisions of Articles 758 and 759 concerning donations apply both with regard to the maintenance of the usufruit and the obligation for the usufruit to pay those debts. The same rule applies when, at the time of the manufacture of the usufruit, the owner is required to make periodic payments, even if there is no known capital. (506) 1. When the naked owner and the usufruit are involved in the bonuses and the property is destroyed. If the owner builds a new building, the usufruit continues the new building. If the owner does not build or rebuild a new building, the naked owner will receive the insurance allowance, but should pay the interest on payment of usufruit 3. If the naked owner pays alone for insurance, but there is error or omission.

The effect is the same, as if there were a split, but the usufruitier must reimburse the naked owner his share of the insurance premium. A co-owner can pass on the usufruit from his to another, even without the consent of the other, except in case of personal considerations.