Emphyteusis

(1) Emphyteusis is a conveyance whereby the owner of any property transfers the beneficial ownership (dominium utile) to another and the latter binds himself to pay him annually certain determined periodic sum, which is known as emphyteutic fee. Upon such conveyance, the owner of the property shall be the owner of the direct domain only and the transferee shall be the beneficial owner. (2) Emphyteusis is hereditary. (3) The beneficial owner shall have the right not only to enjoy but also to alienate, mortgage, gift and exchange the property. (4) The owner of the direct domain shall have the right to receive the emphyteutic fee only.