Vested ownership means complete and unconditional ownership.
See also: conditional ownership, qualified ownership
[Last updated in August of 2021 by the Wex Definitions Team]
wex definitions
Vested remainder
Refers to a remainder with an ascertained taker and with no condition precedent.
See: Future Interest
Vestigial words
Words and phrases that technically appear in statutes, but lack use or meaning because amendments or other statutes have diminished their effect.
Veto
The power of one person or body to prohibit a course of action chosen by another. In a political context, "veto" usually refers to the power of a chief executive to block or complicate passage of a legislative bill by refusing to sign it into law....
Vexatious litigation
Legal proceedings started with malice and without good case. Vexatious litigation is meant to bother, embarrass, or cause legal expenses to the defendant. A plaintiff who starts such litigation either knows or should reasonably know that no legal...
Vicarious Liability
Liability that a supervisory party (such as an employer) bears for the actionable conduct of a subordinate or associate (such as an employee) based on the relationship between the two parties. See respondeat superior
Under common law, a member...
Vienna Convention on the Law of Treaties
The Vienna Convention on the Law of Treaties (VCLT) was adopted in Vienna on May 23, 1969 at the United Nations Conference on the law of treaties and entered into force on January 27, 1980. This Convention applies only to treaties which are concluded...
view ordinance
View ordinance are laws designed to protect a property's view from obstructions. Such ordinances may encompass and regulate a variety of property features, but commonly address trees and vegetation. View ordinances can also be enforced to...
Vigilante
Someone who personally claims to enforce law and order, but lacks legal authority to do so. Vigilantes operate by using actual or threatened force, and are distinguished from people who simply watch out for criminal behavior and report it to the...
Vigilante justice
Behavior that resembles or matches that of vigilantes. Vigilante justice often describes the actions of a single person or group of people who claim to enforce the law but lack the legal authority to do so. However, the term can also describe a...