Duties of the Usufructuary

The usufructuary before taking charge of the assets should: 1. With the notice to or with the help of the owner proceed to take inventory of the said assets, noting down their condition and the value of the movables if any. This inventory may be carried out amicably, but if the interested parties are minors, legally interdicted persons, absentees or unknown, the same shall be done by judicial means; 2. Furnish security, if demanded, not only for the return of the assets or their value, in case they are consumable as also for repairing any deteriorations which they may incur by fault of the usufructuary. § 1 - The provision of no. (2) above is not applicable to the vendor or donor with reservation of usufruct nor to the parents who are the legal usufructuaries of the assets of their children, except for the provisions of article 148; nor are they applicable to the husband for the usufruct of the assets of the wife except for what is provided in respect of the mortgage of endowed assets; nor to the surviving spouse in respect of the usufruct of the assets of the deceased spouse in terms of the sole paragraph of article 2003. § 2 - The usufructuary by gift or will may be exempted by the donor or testator of inventorying or furnishing security, incases where rights of third parties are not affected.