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22 MAI 2014. - An Act to insert section 624/1 into the Civil Code and to amend section 745sexies of the same Code with a view to setting the rules for the valorization of usufruct in the event of the conversion of the usufruct of the surviving spouse and the surviving legal cohabitant (1)

PHILIPPE, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
CHAPTER 1^er. - Introductory provision
Article 1^er. This Act regulates a matter referred to in Article 78 of the Constitution.
CHAPTER 2. - Amendments to the Civil Code
Art. 2. In Title III, Book II, section III, of the Civil Code, an article 624/1 is inserted, as follows:
"Art. 624/1. Unless otherwise agreed by the parties, the capitalized value of a viager usufruct or an encumbered nue-property of a viager usufruit is calculated in accordance with Article 745sexies, § 3.".
Art. 3. In section 745sexies of the same Code, inserted by the law of 14 May 1981 and amended by the law of 29 April 2001, the following amendments are made:
1° § 3 is replaced by the following:
§ 3. The Minister of Justice establishes for the conversion of the Usufruct two conversion tables: one for men and the other for women.
These conversion tables express the value of the usufruit as a percentage of the normal value of the encumbered goods of the usufruit taking into account:
- the average interest rate over the last two years of linear maturity obligations equal to the life expectancy of the usufructier. The interest rate corresponding to the highest maturity applies when life expectancy is greater than maturity. This interest rate is applied after deduction of the movable pre-payment;
- Belgian prospective mortality tables published annually by the Federal Office of the Plan.
Unless otherwise agreed by the parties, the value of the usufruit shall be calculated on the basis of the conversion tables, the value of the goods and the age of the usufruitar on the day the application referred to in § 2.
The value of the usufruct provided by the conversion tables is equal to the difference between the value of the full property and the value of the nue-property. The value of the nue-property is equal to a fraction whose numerator is equal to the value of full ownership; the denominator is equal to the unit, plus the interest rate, which is elevated to a power equal to the life expectancy of the usufructier. Two decimals are retained for the life expectancy expressed in years, for the interest rate expressed as a percentage, and for the value of the usufruct expressed as a percentage of full property value.
The usufruitier retains the usufruit of the goods until the capitalized value of his usufruit is actually paid to him.
Until then this sum does not produce interest for the benefit of the usufruitar, unless, after the capitalized value of its usufruit has been permanently fixed, the usufruitar decides to give up the enjoyment of the property. In this case, it will be due to the Usufruitar an interest at the legal rate as soon as it has confirmed to the owner, by registered consignment or by exploit of bailiff that he abandoned the enjoyment of the property, and that he put it in place to pay him that interest.
However, where, due to the state of health of the Usufructier, its likely life is clearly less than that of the statistical tables, the judge may either refuse conversion, or discard conversion tables and set other conversion conditions.
The Minister of Justice shall, at 1^er July of each year, the conversion tables referred to in paragraph 1^er. It takes into account, on this occasion, the parameters mentioned in paragraphs 2 and 3 and the proposals transmitted to it by the Royal Federation of Belgian Notariat after having taken note of the results of the work of the Federal Bureau of the Plan and the Institute of Actuaries in Belgium.
The conversion tables are published annually to the Belgian Monitor. These tables indicate, in relation to the age of the Usufructier, its life expectancy and the interest rate and the value of the corresponding Usufruct. ";
2° § 4 is repealed.
CHAPTER 3. - Transitional provision
Art. 4. Section 3, 1°, of this Act applies to any application for the conversion of usufruct introduced from the coming into force of this Act.
CHAPTER 4. - Entry into force
Art. 5. This Act comes into force ten days after the publication to the Belgian Monitor of the conversion tables referred to in Article 3, 1°.
Promulgate this law, order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels on 22 May 2014.
PHILIPPE
By the King:
The Minister of Justice,
Ms. A. TURTELBOOM
Seal of the state seal:
The Minister of Justice,
Ms. A. TURTELBOOM
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Note
(1) House of Representatives (www.lachambre.be):
Documents: 53-3451 - 2013/2014
Full report: 3 April 2014
Senate (www.senate.be):
Documents: 5-2338 - 2013/2014
Annales of the Senate: February 27 and March 13, 2014.