The usufruct agreement in Romania
Civil contract lawyer in Romania. What is the right of usufruct?
The Civil Code defines the right of usufruct as the right of a person, called the usufructuary in Romania, to use and collect the fruits of the asset that belongs to another person, called the bare owner in Romania, with the obligation to preserve its substance. In other words, the person who holds the quality of usufructuary in Romania does not become the owner of the asset, but only a holder of the right to use and to collect the fruits that it produces, having the obligation to return it in the state in which it was received at the end of the duration of the usufruct agreement in Romania. Any movable or immovable asset, together with its accessories, may be the object of a usufruct agreement in Romania.
Thus, persons who own an asset whose use they wish to transfer to another person can conclude a usufruct agreement in Romania by which they establish the object, duration, as well as the rights and obligations arising from the usufruct agreement in Romania.
The Romanian Law Firm Pavel Margarit and Associates recommends using the services of a civil contract lawyer in Romania or a commercial attorney in Romania to provide assistance in drafting, reviewing, and negotiating the usufruct agreement in Romania in order to obtain advantageous conditions and to ensure compliance with the rights and obligations of the parties involved.
Commercial attorney in Romania. Usufruct agreement in Romania
The usufruct agreement in Romania is a civil contract that can be concluded in a variety of situations, from transactions on the real estate market in Romania to the usufruct of dividends in Romania or the usufruct of shares in Romania. The latter represents particular forms of usufruct that involve specific regulations, different from those applicable to tangible, physical assets. An attorney specialized in the usufruct of shares and dividends in Romania or a civil lawyer in Romania can provide assistance with drafting, reviewing, and negotiating a usufruct agreement in Romania, as special attention must be paid to each contractual element to avoid potential misunderstandings that could arise from improper drafting of the contract and without covering all legal aspects.
Divorce lawyer in Romania. Documents needed for divorce in court
To file a divorce action in Romania with the competent court, the divorce application must be accompanied by copies of the spouses’ identification documents, the original marriage certificate, and copies of the children’s birth certificates, if applicable. The divorce application must include all essential aspects on which the spouses have agreed, from determining the family names to the manner in which parental authority will be exercised, where applicable.
Civil lawyer in Romania. Usufruct of dividends in Romania
As mentioned above, the usufruct agreement in Romania grants the person named the usufructuary in Romania only the prerogative of using and collecting the fruits of the asset, which means that regarding the usufruct of dividends in Romania, the usufructuary in Romania will only be able to receive the amounts representing dividends distributed among the shareholders, without being able to exercise any other rights in connection with them. However, to benefit from dividends in Romania, a General Meeting of Shareholders (GMS) in Romania decision must provide for the distribution of dividends in that year; otherwise, a person who is a usufructuary in Romania cannot claim other compensation.
Typically, a person who holds shares in Romania in an LLC in Romania or is a shareholder in a joint-stock company in Romania has certain rights concerning the decision-making process, namely voting rights in Romania. However, when it comes to the usufruct of dividends in Romania, and the bare owner in Romania has granted the right to a usufructuary in Romania to receive these dividends in Romania, the usufructuary in Romania cannot exercise voting rights in Romania or disposal rights over shares in Romania of an LLC in Romania or the shares in a joint-stock company in Romania. Their rights are strictly and narrowly defined by law.
The Romanian Law Firm Pavel Margarit and Associates provides legal assistance to persons who are either usufructuary in Romania or bare owner in Romania to understand the terms and conditions arising from the usufruct agreement in Romania, drafting it in accordance with current legislation, and adapting it considering the specifics of each case. Additionally, an attorney specialized in the usufruct of shares and dividends in Romania or a commercial attorney in Romania can advise clients on issues arising after the conclusion of the agreement between the usufructuary in Romania and the bare owner in Romania, to amicably resolve disputes, thus avoiding the emergence of a lengthy and costly litigation that would disadvantage both parties.
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Attorney specialized in the usufruct of shares and dividends in Romania. Usufruct of shares in Romania
Regarding the usufruct of shares in Romania in an LLC in Romania, the usufructuary in Romania has the right to receive the benefits resulting from those shares in Romania on which the usufruct of shares in Romania has been established, with the other prerogatives belonging to the bare owner in Romania, as is the case with the usufruct of dividends in Romania.
In this case as well, the bare owner in Romania retains the right of disposal over those shares in Romania that are subject to a usufruct of shares in Romania, including the ability to alienate them, without affecting the rights of the usufructuary in Romania. Furthermore, the bare owner in Romania retains the voting rights in Romania in the General Meeting of Shareholders (GMS) in Romania, and a contrary provision can only be included in the usufruct agreement in Romania at the time of its conclusion. If there is no such provision in the usufruct agreement in Romania concluded between the usufructuary in Romania and the bare owner in Romania, then the voting rights in Romania at the General Meeting of Shareholders (GMS) in Romania always remain with the bare owner in Romania.
Consulting a civil contract lawyer in Romania or an attorney specialized in the usufruct of shares and dividends in Romania is an essential step in protecting the client from possible abuses or breaches of the usufruct agreement in Romania, as drafting a correct contract that leaves no room for unfavorable interpretations requires solid legal knowledge and experience in managing situations that may arise over time, whether it is usufruct agreements in Romania related to the real estate market in Romania, the usufruct of dividends in Romania, or the usufruct of shares in Romania. Additionally, a civil lawyer in Romania or a civil contract lawyer in Romania can represent you in court if you have reached a dispute regarding the usufruct agreement in Romania of the benefits obtained from an LLC in Romania or a joint-stock company in Romania.
The Romanian Law Firm Pavel Margarit and Associates offers high-standard legal services in various practice areas, including those related to the usufruct agreement in Romania. Our team demonstrates a comprehensive understanding of specific regulations, providing clear and effective legal solutions to all clients who have requested the services of a civil contract lawyer in Romania.
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