Vested Interest - Law Dictionary Search Results
Home Dictionary Name: vested interestVested 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....
vested interest
vested interest see interest ...
interest
interest [probably alteration of earlier interesse, from Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- between, among + esse to be] 1 : a right, title, claim, or share in property Article Nine security interest : security interest in this entry beneficial interest : the right to the use and benefit of property [a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief [claimed an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting...
Vested
Vested, the word 'vested' is defined in Black's Law Dictionary (7th Edn,) at p. 1557 as: 'Vested; fixed; accrued; settled; absolute; complete. Having the character or given the rights of absolute ownership; not contingent; not subject to be defeated by a condition precedent. 'Rights are 'vested' when right to enjoyment, present or prospective, has become property of some particular person or persons as present interest; mere expectancy of future benefits, or contingent interest in property founded on anticipated continuance of existing laws, does not constitute vested rights. In Webster's Comprehensive Dictionary, (International Edn.) 1397 'vested' is defined as: '[L] aw held by a tenure subject to no contingency; complete; established by law as a permanent right; vested interests', Bibi Sayeeda v. State of Bihar, AIR 1996 SC 1936 (1941): (1996) 9 SCC 516. [Bihar Land Reforms Act, 1950 (30 of 1950), s.4 (a)]...
vested
vested 1 : fully and absolutely established as a right, benefit, or privilege : not dependent on any contingency or condition ;specif : not subject to forfeiture if employment terminates before retirement [ pension benefits] 2 : having a vested interest [a employee] [a beneficiary] ...
Equitable estates and interests
Equitable estates and interests, Rights relating to property of which the legal ownership is vested in another person, or in the equitable owner himself in another capacity. The rights arise whenever a person obtains a title to have the property or an estate or interest in it vested in himself, e.g., by contract or by any conveyance or assignment which does not by law transfer or vest the legal estate or ownership in the transferee, by mortgage or charge, and whenever a trust arises, either express, constructive, implied or by operation of law. In theory the legal owner alone was entitled, both in law and equity, to the property, and he alone was responsible for the obligations and incidents attaching to the property, the beneficial owner merely having a personal right inequity to force the legal owner to carry out his obligation or trust, but the rights and obligations of beneficial ownership became recognized and affected by statute. The Statute of Uses turned the beneficial right or...
Vest
Vest, (1) Either to place in possession; to make possessor of; or, to give an absolute interest in property when a named period or event occurs. (2) (of a right or interest) Its coming into the possession of any one; enuring to the benefit of any one.The word 'vest' has not got a fixed connotation, meaning in all cases that the property is owned by the person or the authority in whom it vests. It may vest in title, or it may vest in possession, or it may vest in a limited sense, as indicated in the context in which it may have been used in a particular piece of legislation, Fruit and Vegetable Merchants Union v. Delhi Improvement Trust, AIR 1957 SC 344 (356): (1957) SCR 1. [U.P. Town Improvement Act (8 of 1819)]The property must not only be owned by the Corporation, it must also be in the occupation of the Corporation itself. It is in this sense that the words 'vesting' has been used. 'Vesting' often means 'vesting' in possession, Municipal Corpora-tion of Hyderabad v. P.N. Murthy, AIR...
Personal property
Personal property, money, goods, cattle, chattels, stocks, shares, securities, debts, etc., and also leases for years, however long. Personal property is either in possession, or in action, where a man has not the actual occupation of the thing, but only a right to it arising upon some contract, and recoverable by an action at law.Any person may assign personal property, including chattels real, directly to himself and another person or other persons or corporation, by the like means as he might assign the same to another, Law of Property Amendment Act, 1859, s. 21.This was extended by the (English) Emergency Act, 1881, to conveyances of freehold land or choses in action by a husband to a wife or e contra. Now, by the (English) Law of Property Act, 1925, s. 72, a person may convey real or personal property to himself alone.In the case of real property there can be no such thing as an absolute ownership in the subject-matter, i.e., land; the utmost that any one, even an owner in fee sim...
Vested remainder
Vested remainder, an expectant estate, which is limited or transmitted to a person who is capable of receiving the possession, should the particular estate happen to determine: as a limitation to A. for life, remainder to B. and his heirs; here, as B. is in existence he is capable (or his heirs, if he die) of taking the possession whenever A.'s death may occur. A vested estate may take effect though the preceding estate be defeated, as when an infant makes a lease for life with a remainder over, and on majority he disagrees to the estate for life, but not with the remainder; the remainder is good, having been duly vested by a god title. See Fearne, C.R. 308; 1 Steph. Com.The person who is entitled to a vested remainder having a present vested right of future enjoyment, i.e., an estate in pr'senti, to take effect in possession and pernancy of the profits in futuro, can transfer, alien, and charge it much in the same manner as an estate in possession, 2 Cru. Dig. 204.Interests in remaind...
Vested 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....
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