VESTED

Accrued; fixed; settled; absolute; having the character or giving the rights of absolute ownership; not contingent; not subject to be defeated by a condition precedent. Vested devise. See DEVISE. Vested estate. Any estate, property, or interest is called “vested,” whether in possession or not, which is not subject to any condition precedent and unperformed. The interest may be either a present and immediate interest or it may be a future but uncontingent, and therefore transmissible, interest. Vested in interest. A legal term applied to a present fixed right of future enjoyment; as reversions, vested remainders, such executory’ devises, future uses, conditional limitations, and other future interests as are not. referred to, or made to depend on, a period or event that is uncertain. Vested in possession. A legal term applied to a right of present enjoyment actually existing. Vested interest. A future interest is vested when there is a person in being who would have a right, defeasible or indefeasible, to the immediate possession of the property, upon the ceasing of the intermediate or precedent interest. Vested legacy. A legacy is said to be vested when the words of the testator making the bequest convey a transmissible interest, whether present or future, to the legatee in the legacy. Thus a legacy to one to be paid when he at-tains the age of twenty-one years is a vested legacy, because it is given unconditionally and absolutely, and therefore vests an immediate interest in the legatee, of which the enjoyment only is deferred or postponed. Vested remainder. See REMAINDER. Vested rights. In constitutional law. Rights which have so completely and definitely accrued to or settled in a person that they are not subject to be defeated or canceled by the act of any other private person, and which it is right and: equitable that the government should recognize and protect as being lawful in themselves, and settled according to the then current rules of law, and of which the individual could not be deprived arbitrarily without injustice, or of which he could not justly be deprived otherwise than by the established methods of procedure and for the public welfare.