Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Vested
adj. That has become a completed, consummated right for present or future enjoyment; not contingent; unconditional; absolute <a vested interest in the estate. "[U]nfortunately, the word 'vested' is used in two senses. Firstly, an interest may be vested in possession, when there is a right to present enjoyment, e.g. when I own and occupy Blackacre. But an interest may be vested, even where it does not carry a right to immediate possession, if it does confer a fixed right of taking possession in the future." George Whitecross Paton, A Textbook of Jurisprudence 305 (G.W. Paton & David P. Derham eds., 4th ed. 1972). "A future interest is vested if it meets two requirements: first, that there be no condition precedent to the interest's becoming a present estate other than the natural expiration of those estates that are prior to it in possession; and second, that it be theoretically possible to identify who would get the right to possession if the interest should become a present estate at any time." Thomas F. Bergin & Paul G. Haskell, Preface to Estates in Land and Future Interests 66-67 (2d ed. 1984).
indefeasibly vested remainder
See indefeasible remainder under REMAINDER.
reinvested dividend
A dividend that is used to purchase additional shares in the corporation, instead of being taken in cash by the shareholder. See DIVIDEND-REINVESTMENT PLAN.
vested estate
An estate with a present right of enjoyment or a present fixed right of future enjoyment.
vested gift
See GIFT.
vested gift.
An absolute gift, being neither conditional nor contingent, though its use or enjoyment might not occur until sometime in the future. gift deed. See DEED.
vested in interest
Consummated in a way that will result in future enjoyment. ( Reversions, vested remainders, and any other future use or executory devise that does not depend on an uncertain period or event are all said to be vested in interest.
vested in possession
Consummated in a way that has resulted in present enjoyment. vested estate See ESTATE.
vested interest
See INTEREST (2).
vested interest.
An interest the right to the enjoyment of which, either present or future, is not subject to the happening of a condition precedent. 3. The compensation fixed by agreement or allowed by law for the use or detention of money, or for the loss of money by one who is entitled to its use; esp., the amount owed to a lender in return for the use of borrowed money. - Also termed finance charge. See USURY.
vested legacy
See LEGACY.
vested ownership
Ownership in which title is perfect; absolute ownership.
vested pension
A pension in which an employee (or employee's estate) has rights to benefits purchased with the employer's contributions to the plan, even if the employee is no longer employed by this employer at the time of retirement. ( The vesting of qualified pension plans is governed by ERISA. See EMPLOYEE RETIREMENT INCOME SECURITY ACT.
vested remainder
A remainder that is given to an ascertained person and that is not subject to a condition precedent. ( An example is "to A for life, and then to B." - Also termed executed remainder.
vested right
See RIGHT.