Section 1426.- The usufructuary shall, for the duration of the usufruct, bear expenses for the management of the property, pay taxes and duties, and be responsible for interests payable on debts charged upon it.

 

Section 1427.- If required by the owner, the usufructuary is bound to insure the property against loss for the benefit of the owner ; and if the property is already insured he is bound to renew such insurance when due.

He must pay for the premiums of the insurance for the duration of his usufruct.

 

Section 1428.- No action by the owner against the usufrutuary or his transferee in connection with the usufruct or vice versa may be entered later than one year after the usufruct comes to an end. But in an action by the owner who could not have known of the end of the usufruct, the prescription of one year shall run from the time when he knew or ought to have known of it.

 

TITLE VIII

CHARGE ON IMMOVABLE PROPERTY

 

Section 1429.- An immovable property may be subjected to a charge entitling the beneficiary to a periodical performance out of such property or to a specified use and enjoyment thereof.

 

Section 1430.- A charge on immovable property may be created either for a period of time or for the life of the beneficiary.

If no time has been fixed, it is presumed that the charge is for the life of the beneficiary.

If it is created for a period of time, the provisions of Section 1403 paragraph 3 shall be applied mutatis mutandis.

 

Section 1431.- Unless otherwise provided in the act creating it, a charge on immovable property is not transferable even by way of inheritance.

 

Section 1432.- If the beneficiary fails to comply with any essential condition specified in the act creating the charge, his right may be terminated.

 

Section 1433.- If the owner of the property does not perform his obligations under the charge, the beneficiary may, in addition to the remedies for non-performance, apply to the Court to appoint a Receiver to manage the property and perform the obligations for the owner, or order the property to be sold by auction and the beneficiary be paid out of the proceeds the amount to which he is entitled for non-performance on the part of the owner together with the value of the charge.

The Court may, upon security being given by the owner, refuse to make an order for the appointment of a Receiver or for an auction, or release a Receiver already appointed.

 

Section 1434.- Sections 1388 to 1395 and Sections 1397 to 1400 shall be applied mutatis mutandis to the charge on immovable property.