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Transfer of property
Vested Interest
and
Contingent Interest
Vested
Definition
• A vested interest is
created in favour of a
person – without
specifying the time
when it is to take
ef...
Vested
Nature
• It is ownership

Contingent
• Nature
Nature
• It is only a chance of
becoming an owner.
However, it is
dif...
Vested
Fulfilment of condition
• It does not depend upon
the fulfilment of any
condition. It creates an
immediate right, t...
Vested
Effect of transferee’s
death
• It is not defeated by
death of transferee
before he obtains
possession

Contingent
E...
Vested
Whether transferable and
heritable
• It is both transferable as
well as heritable. If the
transferee of a vested
in...
Vested
• Example: A makes a
gift to B of Rs. 100 to
be paid to him on the
death of C. B gets a
vested interest, as the
eve...
Please verify with the text books
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Difference between vested and contingent interest

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Vested and contingent interest

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Difference between vested and contingent interest

  1. 1. Transfer of property Vested Interest and Contingent Interest
  2. 2. Vested Definition • A vested interest is created in favour of a person – without specifying the time when it is to take effect, or specifying that it is to take effect forthwith, or on the happening of a certain event Contingent Definition • A contingent interest is created in favour of a person – to take effect only on the happening or not happening of a specified uncertain event, which may or may not happen
  3. 3. Vested Nature • It is ownership Contingent • Nature Nature • It is only a chance of becoming an owner. However, it is different from spes successionis
  4. 4. Vested Fulfilment of condition • It does not depend upon the fulfilment of any condition. It creates an immediate right, though the enjoyment may be postponed to a future date. Thus, owner’s title is already perfect Contingent Fulfilment of condition • It is solely dependant upon the fulfilment of the condition (after which it becomes vested interest), so that if the condition is not fulfiled, the interest may fall through. Thus, the owner’s title is as yet imperfect, but is capable of becoming perfect.
  5. 5. Vested Effect of transferee’s death • It is not defeated by death of transferee before he obtains possession Contingent Effect of transferee’s death • Whether it passes on the death of the transferee or not depends on the nature of the contingency
  6. 6. Vested Whether transferable and heritable • It is both transferable as well as heritable. If the transferee of a vested interest dies before actual enjoyment, it passes on to his heirs. Contingent Whether transferable and heritable • It is transferable. Whether it is heritable or not depends on the nature of the contingency. If the transferee dies before obtaining possession, the contingent interest fails, and does not pass on to his heirs.
  7. 7. Vested • Example: A makes a gift to B of Rs. 100 to be paid to him on the death of C. B gets a vested interest, as the event, namely, C’s death is certain Contingent • Example: An estate is transferred to A if he shall pay Rs. 500 to B. A’s interest is contingent until he paid Rs. 500 to B.
  8. 8. Please verify with the text books
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Vested and contingent interest

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