Transcript of the above video:

As the title of this video suggests, we are discussing well basically we are discussing perfection of the Usufruct. So first of all what is a Usufruct? A Usufruct, I kind of liken it in an American lexicon when it when it comes to the American Common Law, I liken it to what is called a Life Estate. It's the ability to use a given piece of property for life so they can go ahead and use it for the rest of their born days effectively but you have to go through the correct formalities in order to perfect that Usufruct and a Usufruct needs to be perfected most generally by registering the Usufruct onto the title deed, the Chanote, the Chanote title - so Chanote is the word in Thai for title deed, what we would call Fee Simple Absolute in an American Common law context what they might call Freehold Title for example, I have heard that from Commonwealth folks. 

So again, what we are talking about here is registration of that Usufruct. You need to go through the registration process in order for a Usufruct to be considered perfected, and when I say perfected, for it to be considered legally enforceable, and this whole process, that's the consensus here from the Thai lawyers here in the firm. To clarify, I am not a Thai Attorney, I have never claimed to be a Thai Attorney; I am an American Attorney; I am a naturalized Thai citizen but I kind of look at this stuff from an outside perspective and where these Usufructs, there really is not a direct analogy to a Usufruct in an American Common Law context, again Life Estate is about as close as I can think of. That said, again the issue of perfection comes down to whether or not the Usufruct is registered on the Title Deed.