Vest

This verb is used both transitively and intransitively. A statute or a deed is said to vest an estate in some person, or to vest a person with the estate, meaning to confer the ownership in the subject upon him; or an estate is said to vest or become vested in a person, when it becomes his. Vest does not always imply actual present enjoyment; if the ownership or title is unqualifiedly conferred, the estate or property is vested, although the enjoyment is postponed. A legacy given unconditionally is vested, although not payable for some time to come. Vested estate, or interest. Any estate 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. A vested interest is not necessarily an unconditional interest; on the contrary, it is frequently qualified by some condition, being, however, a condition which An estate is vested when there is a person in being who will have an immediate right to the possession of the lands upon the ceasing of any intermediate or precedent estate.

See Tayloe v. Gould, 10 Barb. 388, 396; Sheridan v. House, i Abb. App. Dec. 218.

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 attains 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; and if such legatee die before that age, his representatives shall receive it out of the testator's personal estate at the time that it would have become payable had the legatee himself lived. But if the legacy were given when or if the legatee attain a certain age, it would not be vested, i.e. transmissible, until that age; and if the legatee were to die before that age, the legacy would fail to take effect, and his representatives could make no claim to it. For in this case the bequest is as it were a conditional one, depending on the happening of a certain event; viz., the legatee's attaining the specified age. Vested in possession. A phrase used to indicate that an estate is an estate in possession, as opposed to an estate in reversion or remainder.

Vested remainder

A vested remainder is where a present interest passes to a certain and definite person, but to be enjoyed in future.

Poor v. Considine, 6 Wall. 468; Cuyler v. Terr Ul, 1 Abb. U. S. 169.

See Remainder. Vested right. This term is not applicable to an existing remedy or penalty.

Parmelee v. Lawrence, 48 lU. 331.

Vesting order

An order of court conferring upon some person designated the legal estate in property, generally land. A vesting order is often made under the English trustee acts, when the trustees appointed are unwilling or unable to act in the execution of the trusts; or when, for any reason, it is desirable to appoint new trustees, and it is found impracticable or inconvenient to procure a conveyance to