LEGAL NATURE OF USUFRUCT
DURATION OF USUFRUCT IN BOLIVIA
Temporality is a key feature of this legal institution. Usufruct cannot exceed the lifetime of the beneficiary if they are a natural person.
Example: A property owner grants usufruct of their house to their mother. She may live in and enjoy the property for life; however, upon her death, the usufruct ends and full ownership returns to the original owner.
For legal entities such as associations or foundations, the usufruct may last up to a maximum of thirty years. This rule protects the owner and prevents the indefinite limitation of property rights.
WHAT ASSETS CAN BE SUBJECT TO USUFRUCT?
Usufruct can apply to both movable and immovable assets. This includes properties, land, machinery, and even securities such as shares or bonds. Its broad scope makes it a flexible legal tool for various asset management strategies.
CAN I TRANSFER MY USUFRUCT?
The usufructuary has the right to transfer their usufruct to another person for the full duration or a limited time, unless the constitutive act expressly prohibits it. For the transfer to be fully effective, the owner must be notified. Until such notification occurs, the original usufructuary remains jointly liable with the transferee, providing the owner with additional protection.
Example: If a usufructuary transfers rights over a plot of land to a friend without notifying the owner, and the friend damages the land, the owner may seek compensation from both the original usufructuary and the transferee, as joint liability remains in place until notification is made.
LEGAL CONSEQUENCES OF USUFRUCT
The effects of usufruct depend primarily on the constitutive act. If no specific provisions exist, general rules under applicable legislation will govern the arrangement. This ensures that any contractual gaps are covered by clear and predictable legal principles.
In summary, usufruct strikes a balance between ownership and usage rights, allowing the owner to retain legal title while granting the usufructuary temporary benefits over the asset. Its legal framework ensures protection and flexibility, adapting to diverse asset structures and estate planning needs.
Our law firm offers expert legal counsel in patrimonial law, including the establishment, defense, and termination of usufructs. If you are facing a related legal issue, contact us for professional assistance.
Frequently Asked Questions (FAQs)
Does usufruct confer ownership?
No, it only grants the right to use and enjoy the asset, without transferring ownership.
Can a usufruct be lifelong?
Yes, when granted to a natural person, a usufruct may last for the beneficiary’s entire life.
What happens if the usufruct transfer is not notified?
Until the owner is notified, the original usufructuary remains jointly liable with the transferee.
Can usufruct be established over movable property?
Yes, the law permits usufruct over both movable and immovable assets.
What happens when a usufruct ends?
The asset fully reverts to the owner, free of any limitations.
The content of this article does not reflect the technical opinion of Rigoberto Paredes & Associates and should not be considered a substitute for legal advice. The information presented herein corresponds to the date of publication and may be outdated at the time of reading. Rigoberto Paredes & Associates assumes no responsibility for keeping the information in this article up to date, as legal regulations may change over time.
