inaugural(Noun) An inauguration; a formal beginning. The inaugural of the President will take place in March. inaugural(Noun) A formal speech given at the beginning of an office. inaugural(Adjective) Of inauguration; as in a speech or lecture by the person being inaugurated.
DEFINITION of 'Usufruct'. A legal right accorded to a person or party that confers the temporary right to use and derive income or benefit from someone else's property.Usufruct is usually conferred for a limited time period or until death.While the usufructuary has the right to use the property, he or she cannot damage or destroy it, or dispose of the property.REAKING DOWN 'Usufruct'. For example, if a party has a usufruct in a real estate property, he or she has the full right to use it or rent it out and collect the rental income without sharing it with the actual owner, as long as the usufruct is in effect.
Usufruct comes from civil law, under which it is a subordinate real right (ius in re aliena) of limited duration, usually for a person's lifetime. The holder of a usufruct, known as a usufructuary, has the right to use (usus) the property and enjoy its fruits (fructus). In modern terms, fructus more or less corresponds to the profit one may make, as when selling the fruits (in both literal and figurative senses) of the land or leasing a house.