New: In the event of the division of rights, only the bare owners must benefit from the funds originating from the distribution of the reserves built up by the company.

Recommendation: Despite its unfortunately concise formulation, this decision nevertheless appears, to us, to be in line with previous case law from the Court of Cassation: in the event of the distribution of dividends from the reserves, these shall be given to the bare owner of the rights; however, unless otherwise agreed, the usufructuary shall hold a right of use on these amounts (under the form of a quasi-usufruct) provided that they return said amounts to the bare owner at the end of the usufruct, which allows the bare owner to benefit from full ownership of the sums distributed.

In order to avoid any conflict between the usufructuary and the bare owner of the rights, it is recommended to decide in advance, in a conventional or statutory manner, the allocation rules of the sums distributed between the usufructuary and the bare owner.