Usufruct and dismemberment of property: concept and definitions
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Full ownership : Article 348 of the Civil Code: "Property is the right to enjoy and dispose of something, with no limitations other than those established by law." Domain dismemberment : The dismemberment of the full domain (property) entails the separation of the powers that make up the right of property through the constitution of real rights of enjoyment over the property (right of usufruct, rights of use and habitation and easements) and the right of nuda property. Usufruct : The right of usufruct grants the power to use, enjoy and exploit other people's property without altering its form or substance (articles 467 to 522 Civil Code). Bare property : Bare ownership constitutes the right to fully enjoy ownership of the property when the usufruct expires. While the usufruct lasts, the bare owner only has the power to dispose of the property but not the use, enjoyment and exploitation of it. |
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Domain Dismemberment |
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Usufruct |
Valuation of usufruct rights (Articles 49 and 51 Regulation of the ISD and articles 10 consolidated text of the Law of ITPAJD )
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Bare property |
The value of the bare property will be computed by the difference between the value of the usufruct and the total value of the assets. |
This table is for informational purposes only.