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Concerning the dismemberment of ownership, case law considers a portfolio of securities as a universality. The dismemberment of ownership is not exercised on each security, but on the entire portfolio. Each arbitration is an act of administration and not of disposition. The usufructuary is authorized to manage the portfolio alone without having to obtain the agreement of the bare owner for each transaction, unless otherwise agreed. The usufructuary is responsible for preserving the substance of the portfolio. He must immediately replace the securities transferred with other securities. He must communicate to the bare owner all information on the evolution of the portfolio.