

Study with the several resources on Docsity
Earn points by helping other students or get them with a premium plan
Prepare for your exams
Study with the several resources on Docsity
Earn points to download
Earn points by helping other students or get them with a premium plan
Community
Ask the community for help and clear up your study doubts
Discover the best universities in your country according to Docsity users
Free resources
Download our free guides on studying techniques, anxiety management strategies, and thesis advice from Docsity tutors
discuss the details of contigent and vested interest
Typology: Assignments
1 / 3
This page cannot be seen from the preview
Don't miss anything!
Contingent and Vested Interest Meaning of Vested Interest Section 19 of Transfer of Property Act 1882 lays down the meaning of vested interest. Vested interest can take place in two stages. First when the transferee is in immediate and present possession of the property and second when the transferee has acquired an interest in the property but is not in the present possession of property that is the right to enjoyment is postponed to a future date. Vested interest is when an interest in a property is transferred in favour of a person without specifying the time or a specific condition. Such interest must vest in the person on happening of an event which is bound to happen. The interest in the property remains vested in the transferee even though the right to enjoyment of the property is postponed. In other words, interest is said to be vested when it depends on happening of a certain event precedent. [i] Illustration X, the father of Y agrees to transfer an ancestral property in favour of Y after his death. The interest in the ancestral property in favour of Y is dependent on the condition of the death of his father X, which is certain. Hence on the death of X, Y will have vested interest in the ancestral property. Characteristics of Vested Interest The three main characteristics of vested interest is as follows-