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Vested

Having an absolute right or title to something, to be enjoyed either now or in the future.  A vested right is unconditional; it is no longer dependent on any event even if it was in the past. 

See Contingent (contrast).

Definition from Nolo’s Plain-English Law Dictionary

An unconditional right or title. For example, if an employee must work for ten years before his pension becomes vested, then after ten years of employment he has unconditional right to that pension. During the ten years prior, his right to the pension was unvested.

Definition provided by Nolo’s Plain-English Law Dictionary.

August 19, 2010, 5:26 pm

 

"In construing an instrument, the primary objective is to determine the intent of the maker and render the construction which reflects that intent.  Although the law favors vested interests, and a construction in favor of a vested interest will be given in cases of doubt, the basic task before any court is to determine whether or not the testator intended a particular interest to be vested or contingent.  In making such a determination we must examine the instrument in its entirety to ascertain whether the testator intended to make a gift presently with payment postponed until a future time, or whether he intended to suspend the gift altogether until such future time."

"A gift which is made presently with payment postponed creates a vested interest, but a gift which is suspended altogether until a future time creates a contingent interest."

"It being true that the interest thus devised to Osceola C. Green was a remainder, of which he became vested at the death of his mother, his title thereto would continue until he formally, or by undoubted implication, declined to accept the conditions imposed by the testatrix.  It is not material that he died prior to the surviving life tenant, since this vested interest formed a part of his estate that descended to his heirs and devisees under his will."