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Vested and Contingent Interest
Sec. 19 & 21
Vested Interest
No time is
specified as to
when it is to
take effect
It is specified that
it shall take effect
immediately
It is to take effect
upon the
happening of an
event which must
happen
Explanation of Sec. 19
1. Postponement of enjoyment
2. Prior interest
3. Direction for the accumulation of income
4. Condition limitation
Nature of the Vested Interest
1. Present fixed interest
2. Transferable and heritable interest
CONTINGENT INTEREST
(Sec. 21)
Nature of Contingent Interest
1. Future possible interest
2. Not heritable
3. Transferable interest
Distinction between Vested Interest
and Contingent Interest
Vested Interest Contingent Interest
Nature of title
Transferee’s right in
property
Transferability
Attachment and sale in
execution of decree
Heritability

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Vested and contingent interest

  • 1. Vested and Contingent Interest Sec. 19 & 21
  • 2. Vested Interest No time is specified as to when it is to take effect It is specified that it shall take effect immediately It is to take effect upon the happening of an event which must happen
  • 3. Explanation of Sec. 19 1. Postponement of enjoyment 2. Prior interest 3. Direction for the accumulation of income 4. Condition limitation
  • 4. Nature of the Vested Interest 1. Present fixed interest 2. Transferable and heritable interest
  • 6. Nature of Contingent Interest 1. Future possible interest 2. Not heritable 3. Transferable interest
  • 7. Distinction between Vested Interest and Contingent Interest Vested Interest Contingent Interest Nature of title Transferee’s right in property Transferability Attachment and sale in execution of decree Heritability