Short answer. Yes, a usufruct can be constituted over a right — not just a physical thing. Article 564 of the Civil Code expressly allows it, with one limit: the right must not be strictly personal or intransmissible. Credit rights and transferable lease rights generally qualify.
What the law says
It may also be constituted on a right, provided it is not strictly personal or intransmissible.
Civil Code, Article 564 — Usufruct May Be Partial or Successive. Read the full provision →
Usufruct is not limited to physical things
Many people think of usufruct as something that applies to land, houses, or movable objects. Article 564 of the Civil Code makes clear that usufruct can also be constituted on a right. The word is broad: any right that can generate benefits and that is not tied exclusively to a particular person can serve as the object of a usufruct. A credit right — the right to collect on a debt owed — and a lease right — the right to occupy and use a property under a lease agreement — are examples of rights that can in principle carry a usufruct.
The limit: strictly personal or intransmissible rights
The law draws one important boundary. A usufruct over a right is valid only when the right is not strictly personal or intransmissible. A strictly personal right is one that attaches exclusively to the individual who holds it — it cannot be passed on and exists only as long as that specific person holds it. Such rights cannot be separated from their holder enough to serve as the subject of a usufruct for another. Rights that are transmissible by nature — that can be assigned or transferred — do not have this problem.
How usufruct over a credit works
When a usufruct is constituted over a credit right, the usufructuary does not become the creditor in the ordinary sense. The owner of the credit retains the underlying claim; the usufructuary is entitled to the fruits of that credit — typically the interest payments or income it generates. The usufructuary may have the right to collect those payments, but must account for principal collections to the owner. This structure allows someone to benefit from another person's credit portfolio without transferring the underlying receivables outright.
Practical considerations before constituting this kind of usufruct
Constituting a usufruct over a right requires identifying exactly what right is involved and verifying that it is not strictly personal or intransmissible. A credit right under a simple loan agreement may qualify; a right tied to professional status or granted by law to a specific individual may not. The document creating the usufruct must describe the right precisely so there is no ambiguity about what the usufructuary may enjoy and what remains with the owner. If you are structuring an arrangement of this kind, a lawyer familiar with property and succession law can help you draft it correctly and avoid problems later.