Law Inserting Article 624/1 In The Civil Code And Amending Article 745Sexies Of The Code To Set The Rules For The Valuation Of The Usufruct In The Case Of Conversion Of The Usufruct Of The Surviving Spouse And The Cohabitant Legal Survivor (1)

Original Language Title: Loi insérant un article 624/1 dans le Code civil et modifiant l'article 745sexies du même Code en vue de fixer les règles pour la valorisation de l'usufruit en cas de conversion de l'usufruit du conjoint survivant et du cohabitant légal survivant (1)

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Read the untranslated law here: http://www.ejustice.just.fgov.be/cgi/article_body.pl?numac=2014009326&caller=list&article_lang=F&row_id=600&numero=690&pub_date=2014-06-13&dt=LOI&language=fr&fr=f&choix1=ET&choix2=ET&fromtab=+moftxt&trier=publication&sql=dt+=+'LOI'&tri=pd+AS+RANK+

Posted the: 2014-06-13 Numac: 2014009326 SERVICE PUBLIC FÉDÉRAL JUSTICE May 22, 2014. -Law inserting article 624/1 in the civil Code and amending article 745sexies of the Code to set the rules for the valuation of the usufruct in the case of conversion of the usufruct of the surviving spouse and the cohabitant legal survivor (1) PHILIPPE, King of the Belgians, to all, present and to come, hi.
The Chambers have adopted and we endorse the following: Chapter 1. -Disposition introductory Article 1. This Act regulates a matter referred to in article 78 of the Constitution.
CHAPTER 2. -Changes of the Code civil art. 2. in title III, book II, section III, of the civil Code, it is inserted an article 624/1, as follows: "article 624/1. Unless the parties have agreed otherwise, the capitalized value of an encumbered legal ownership of a life usufruct or a life usufruct is calculated in accordance with article 745sexies, § § 3 3 "."
S. 3. at article 745sexies of the Code, inserted by the law of 14 May 1981 and amended by the Act of April 29, 2001, the following changes are made: 1 ° § 3 is replaced by the following: "§ § 3 3" The Minister of Justice establishes for the conversion of the usufruct conversion two tables: one for men and one for women.
These conversion tables express the value of the usufruct as a percentage of the normal market value of encumbered assets of the usufruct taking into account:-of the average interest rate on the last two years of linear bonds of maturity equal to the life expectancy of the beneficiary. The highest maturity interest rate applies when life expectancy is greater than this maturity. This interest rate is applied after deduction of withholding tax;
-tables of mortality Belgian forward-looking published annually by the federal Planning Bureau.
Unless the parties have agreed otherwise, the value of the usufruct is calculated on the basis of conversion tables, of the market value of the goods and the age of the beneficiary at the time of the introduction of the request referred to in paragraph 2.
The value of the usufruct provided by conversion tables is equal to the difference between the value of the freehold and the value of the bare ownership. The value of the bare ownership is equal to a fraction of which the numerator is equal to the value of the freehold; the denominator is equal to unity, increased the interest rate, this amount being raised to a power equal to the life expectancy of the beneficiary. Two decimal places are retained for life expectancy in years, the rate of interest expressed as a percentage, and the value of the usufruct as a percentage of the full property value.
The life tenant retains the usufruct of the goods until the moment where the capitalized value of the usufruct is actually paid.
Up until this sum does not interest for the benefit of the usufructuary, unless, after that the capitalized value of the usufruct has been permanently fixed, the usufructuary decides to renounce the enjoyment of the property. In this case, it will be due to the usufructuary interest at the legal rate from the moment where it will be confirmed to the bare owner, by registered post or by usher feat that he abandoned the enjoyment of the property, and that it brought him into notice to pay this interest.
However, where due to the State of health of the usufructuary, his life expectancy is clearly lower than that of the statistical tables, the judge may either refuse conversion, or remove conversion tables and set other conditions of conversion.
July 1 of each year, the Minister of Justice establishes conversion tables referred to in paragraph 1. It takes into account, on that occasion, referred to in paragraphs 2 and 3 parameters and proposals that he passes the Royal Federation of Belgian notaries after reading the results of the work of the federal Office of the Plan and the Institute of Actuaries in Belgium.
Conversion tables are published each year in the Moniteur belge. These tables indicate, next to the age of the beneficiary, its life expectancy and corresponding interest rate and the value of the usufruct. ";
2 ° § 4 is repealed.
CHAPTER 3. -Disposition transitional art. 4. article 3, 1 °, this Act applies to any claim for conversion of usufruct from the entry into force of this Act.
CHAPTER 4. -Entry into force art. 5. this Act comes into force ten days after publication in the Moniteur belge conversion tables referred to in article 3, 1 °.
Promulgate this Act, order that it be under the seal of the State and published by le Moniteur.
Given in Brussels on May 22, 2014.
PHILIPPE by the King: the Minister of Justice, Ms. A. TURTELBOOM sealed with the seal of the State: the Minister of Justice, Mrs.
TURTELBOOM _ Note (1) House of representatives (www.lachambre.be): Documents: 53-3451-2013/2014 full report: April 3, 2014 Senate (www.senate.be): Documents: 5-2338-2013/2014 annals of the Senate: 27 February and 13 March 2014.