Decision of the Court of Cassation dated November 28, 2024

Yesterday, the Court of Cassation issued a ruling regarding the proof, as part of the liabilities of an estate, of the obligation to return a portfolio of securities following its disappearance, which was discovered at the end of the usufruct period.

The Court of Cassation overturned the appellate court’s decision, which had held that proof of the debt was established by the value of the securities listed in an estate declaration. It then clarifies that "in the case of a statutory usufruct over a portfolio of securities, the declaration of succession alone—which identifies and specifies the exact value of the securities as of the date of death—cannot, on its own, establish the certainty of the debt of restitution arising from the disappearance of the securities portfolio at the end of the usufruct and permit its deduction."

Commercial Court of Cassation, Nov. 27, 2024, No. 23-12.151, Published