Vested In Interest - Law Dictionary Search Results
Home Dictionary Name: vested in interestVested in interest
Vested in interest, a legal term applied to a present fixed right of future enjoyment, as reversions, vested remainders, such executory devises, future uses, conditional limitations, and other future interests, the present right of which is not referred to, or made to depend on, a period or event that is uncertain, although the period of enjoyment may be uncertain or conditional. See following titlesand CONTINGENT LEGACY; CONTINGENT RE-MAINDER....
Vested interest
Vested interest, when there is immediate right of present right for future enjoyment. An interest is said to be contingent if the right of enjoyment is made dependent upon some event or condition which may or may not happen. On the happening of the event or condition a contingent interest becomes a vested interest, Quoted from B.N. Vishweswariah v. Usha Subarao, (1996) 5 SCC 201; Kokilambal v. N. Raman, (2005) 11 SCC 234....
Contingency with a double aspect
Contingency with a double aspect, is a kind of executory interest which maybe termed an alternative interest. This is an 'interest that is only to vest in case the next preceding interest should never vest in any way, through the failure of the contingency on which such preceding interest depends. As when a testator devises to A. for life; and if he have issue male, then to such issue male and his heirs for ever; and if he die without issue male, then to B. and his heirs for ever; or, where a testator bequeaths personal estate to the first son of A., and if A. should have no son, then to B.' These interests, considered in conjunction with those for which they are substitutionary, are sometimes termed 'contingencies with a double aspect.'-Smith's Compendium of Real and Personal Property, 6th Edn., p. 376....
Settled land
Settled land. For the purposes of the (English) Settled Land Acts, 1882-1890, 'settled land' meant land, and any estate and interest therein, which was the subject of a settlement; and 'settlement' meant any instrument, or any number of instruments, under which any land, or any estate or interest in land, 'stands for the time being limited to or in trust for any persons by way of succession' (Settled Land Act, 1882, s. 2) (see infra for the statutory definitions in the Settled Land Act, 1925, which has repealed the S.L. Acts, 1882-1890). Where the settlement consists of more instruments than one it is commonly called a 'compound settlement,' though this term is not defined in the Acts themselves; as to compound settlements, see Re Du Cane & Nettlefold, (1898) 2 Ch 96; Re Munday & Roper, (1899) 1Ch 275; Re Lord Wimborne & Browne (1904) 1 Ch 537; Wolstenholme & Cherry, Conveyancing, etc., Acts.Prior to 1856 settled estates could not be sold or leased except under the authority of some po...
Limitation of actions and prosecutions
Limitation of actions and prosecutions. By various statutes, of which the first was 21 Jac. 1, c. 16, the (English) Limitation Act, 1623, and the principal succeeding ones, the Real Property Limitation Act, 1833 (3 & 4 Will. 4, c. 42), the (English) Civil Procedure Act (3 & 4 Will. 4, c. 27) [see Read v. Price, (1909) 2 KB 724], and 37 & 38 Vict. c. 57, the (English) Real Property Limitation Act, 1874, certain periods are fixed within which, upon the principle Interest reipublic' ut sit finis litium, particular actions must be brought or proceedings taken.In the case of simple contract the remedy on the contract is barred, leaving the creditor free to enforce his claims by other means which may be still available, such as enforcing a lien, subsequent acknowledgment by the debtor or appropriation of payments, but not by way of set-off (9 Geo. 4, c. 14, s. 3). In regard to land, the right to it is destroyed after the statutory period and neither re-entry nor acknowledgment after the laps...
vest
vest [Anglo-French vestir, literally, to clothe, from Old French, from Latin vestire] vt 1 a : to place in the possession, discretion, or province of some person or authority [all legislative powers herein granted shall be ed in a Congress of the United States "U.S. Constitution art. I"] [a timely notice of appeal s jurisdiction in the appeals court] ;specif : to give to a person a fixed and immediate right of present or future enjoyment of (as an estate) [an interest ed in the beneficiary] b : to grant or endow with a particular authority, right, or property [ a judge with discretion] vi : to become vested ;specif : to entitle one unconditionally to the payment of pension benefits upon termination or retirement [his pension interest will after ten years with the company] compare mature ...
vested interest
vested interest see interest ...
Tenancy in Common
Tenancy in Common. Legal estate in undivided shares inland has been abolished by the Law of Property Act, 1925, s. 1, which reduced the interest of tenants-in-common to that of a cestui que trust under a trust for sale of land. The following notes have been kept verbatim to explain titles as they existed immediately before 1926. This estate is created when several persons have several distinct estates, either of the same or of a different quantity, in any subject of property, in equal or unequal shares, and either by the same act or by several acts, and by several titles, and not a joint title. A tenancy-in-common will, as a rule, be construed to exist wherever the instrument creating it indicates that the land is to be held in shares, equally, or in moieties, or the nature of the transaction is such as to preclude the intention of survivorship such as an acquisition of land by partners for the purposes of their business.A tenancy-in-common differs from a joint-tenancy in this respect:...
reversion
reversion [Anglo-French, from Middle French, from Latin reversio act of turning back, from revertere to turn back] 1 : the returning of an estate upon its termination to the former owner or to his or her successor in interest 2 a : the present vested interest in the residue of an estate that remains in its owner after the grant therefrom of a lesser estate (as a life estate) and that will commence in possession by operation of law upon termination of the lesser estate b : the future interest in property left in a grantor or his or her successor in interest that is not subject to a condition precedent compare possibility of reverter, remainder re·ver·sion·ary [-zhə-ner-ē] adj ...
Contingent
Contingent, an interest is said to be contingent if the right of enjoyment is made dependent upon some event or condition which may or may not happen. On the happening of the event or condition a contingent interest becomes a vested interest, Usha Subbarao v. B.N. Vishverswaraiah, (1996) 5 SCC 201 (208)....
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