Text of the provision
Art. 586. Should the usufructuary fail to give security in the cases in which he is bound to give it, the owner may demand that the immovables be placed under administration, that the movables be sold, that the public bonds, instruments of credit payable to order or to bearer be converted into registered certificates or deposited in a bank or public institution, and that the capital or sums in cash and the proceeds of the sale of the movable property be invested in safe securities. The interest on the proceeds of the sale of the movables and that on public securities and bonds, and the proceeds of the property placed under administration, shall belong to the usufructuary. Furthermore, the owner may, if he so prefers, until the usufructuary gives security or is excused from so doing, retain in his possession the property in usufruct as administrator, subject to the obligation to deliver to the usufructuary the net proceeds thereof, after deducting the sums which may be agreed upon or judicially allowed him for such administration.
(494)
Civil Code of the Philippines, Republic Act No. 386, approved June 18, 1949, effective August 30, 1950. Reproduced in full; verified verbatim against the LawPhil and ChanRobles official-text renderings.
What this article means
Should the usufructuary fail to give required security, the owner may demand that immovables be placed under administration, that movables be sold, that public bonds be converted, or that capital or sums be invested — the interest belonging to the usufructuary.
Questions about this provision
Related provisions
- Article 585 — Waiver of Inventory or Security.
- Article 587 — Delivery of Necessary Furniture.
Cases interpreting this article
- Authorities on this article will be added here as each is verified against primary sources.