The usufructuary is the person who holds the rights of usus and fructus over a property, meaning the right to use the property and collect its income. These rights are temporary and typically expire upon the death of the usufructuary or at the end of the agreed period for a temporary usufruct.

Article 669 of the General Tax Code establishes a fiscal scale to assess the respective value of usufruct and bare ownership based on the usufructuary's age. For a usufructuary under 21 years of age, usufruct represents 90% of the total value, while bare ownership represents only 10%. This scale enables precise valuation for estate transfers.

Article 619 of the Civil Code limits the duration of a temporary usufruct to thirty years when the usufructuary is a legal entity. This rule aims to prevent legal entities from holding usufruct rights over property indefinitely, which could compromise the transfer of assets.

Article L. 225-110 of the Commercial Code provides that the usufructuary votes at ordinary general meetings for decisions relating to the allocation of profits. The bare owner votes at extraordinary general meetings for decisions concerning the long-term structure and strategy of the company. These rules aim to balance the rights and responsibilities of both parties in company governance.

Article 544 of the Civil Code defines property as a right of enjoyment comprising three attributes: usus (the right to use the property), fructus (the right to collect its income), and abusus (the right to dispose of it). These attributes are essential for understanding the concept of split ownership, as they allow the separation of usufruct (usus and fructus) from bare ownership (abusus).

Dividends are classified as civil fruits under Article 582 of the Civil Code, meaning they accrue to the usufructuary. This rule was confirmed by a Court of Cassation ruling on 5 October 1999. Capital gains on disposals, on the other hand, constitute capital proceeds belonging to the bare owner.

The allocation of rights between the usufructuary and the bare owner over a securities portfolio is governed by precise principles. Dividends and bond interest are attributed to the usufructuary as civil fruits, while capital gains on disposal and share premiums belong to the bare owner as capital proceeds.

A ruling by the Commercial Chamber on 27 November 2024 confirmed that marketable securities are not consumable by nature. Consequently, a quasi-usufruct over securities requires an express notarized or registered agreement. Without such an agreement, no fiscally deductible restitution claim can be recognized for the bare owner.