Text of the provision
Art. 599. The usufructuary may claim any matured credits which form a part of the usufruct if he has given or gives the proper security. If he has been excused from giving security or has not been able to give it, or if that given is not sufficient, he shall need the authorization of the owner, or of the court in default thereof, to collect such credits. The usufructuary who has given security may use the capital he has collected in any manner he may deem proper. The usufructuary who has not given security shall invest the said capital at interest upon agreement with the owner; in default of such agreement, with judicial authorization; and, in every case, with security sufficient to preserve the integrity of the capital in usufruct.
(507)
Civil Code of the Philippines, Republic Act No. 386, approved June 18, 1949, effective August 30, 1950. Reproduced in full. The three sources consulted do not read identically here; the text above is the reading carried by two of the three, including the Official Gazette.
What this article means
A usufructuary who has given security may collect matured credits and may then use the capital collected as he sees fit. One who was excused from giving security, could not give it, or gave insufficient security needs the owner's authorisation, or the court's, to collect at all — and must then invest the capital at interest on terms agreed with the owner or fixed judicially, with security sufficient to preserve the capital intact.
Related provisions
- Article 578 — Usufruct of a Right of Action.
- Article 720 — The Finder's Reward.
Cases interpreting this article
- Authorities on this article will be added here as each is verified against primary sources.