vest

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Vest

To give an immediate, fixed right of present or future enjoyment.

The term vest is significant in the law, because it means that a person has an absolute right to some present or future interest in something of value. When a right has vested, the person is legally entitled to what has been promised and may seek relief in court if the benefit is not given.

In U.S. Property Law a vested remainder is a future interest held by an identifiable person (the remainderman), which, upon the happening of a certain event, will become the remainderman's. When property is given to one person for life and, at the person's death, the property is to go to another living person, this second person has a vested remainder in the property.

A vested legacy is an inheritance given in such terms that there is a fixed, irrevocable right to its payment. For example, a legacy contained in a will that states that the inheritance shall not be paid until the person reaches the age of twenty-one is a vested legacy, because it is given unconditionally and absolutely and therefore vests an immediate interest in the person receiving the legacy. Only the enjoyment of the legacy is deferred or postponed.

In contemporary U.S. law the term vesting refers to the right that an employee acquires to various employer-contributed benefits, such as a Pension, after having been employed for a requisite number of years. The federal Employee Retirement Income Security Act (ERISA) of 1974 (29 U.S.C.A. § 1001 et seq.) governs the funding, vesting, administration, and termination of employee benefit plans. ERISA was enacted as a result of congressional dissatisfaction with private pension plans. Under some plans an employee's pension benefits did not vest before retirement or vested only after such a long period of time (as long as thirty years) that few employees ever became entitled to them. ERISA ensures that all pension benefits will vest within a reasonable time. Once pension benefits are vested, an employee has the right to them even if the employment relationship terminates before the employee retires.

In Constitutional Law vested rights are those that are so completely and definitely settled in a person that they are not subject to defeat or cancellation by the act of any other private person. Once a person can prove to a court the validity of the vested rights, the court will recognize and protect these rights so as to prevent injustice.

vest

v. to give an absolute right to title or ownership, including real property and pension rights. (See: vested, vested remainder)

vest

verb authorize, bestow upon, clothe, confer, empower, enable, endow, entrust, establish, furnish, give authority, give control, invest, place authority, place control, put in possession, sanction
Associated concepts: contingently vested, estate vested subject to being divested, indefeasibly vested, vested essate, vested future estate, vested gift, vested in possession, vested interest, vested legacy, vested property right, vested remainder, vested remainder subject to open, vested right, vesting of title
See also: admit, bestow, dedicate, empower

vest

see VESTING.

TO VEST, estates. To give an immediate fixed right of present or future enjoyment; an estate is vested in possession when there exists a right of present enjoyment; and an estate is vested in interest, when there is a present fixed right of future, enjoyment. Feame on Rem. 2; vide 2 Rop on Leg. 757; 8 Com. Dig. App. h.t.; 1 Vern. 323, n.; 10 Vin. Ab. 230; 1 Suppl. to Ves. jr. 200, 242, 315, 434; 2 Id. 157 5 Ves. 511.

References in periodicals archive ?
But hanging limply on our line like dead trout were my string vests.
He told the jurors the man in the string vest told a boy to bend over a table and then proceeded to have sex with him.
One time, we were working on a dress for Kylie and he sent me around the corner to the market to buy eight string vests for pounds 1 each.
Unless that's what osmosis is - a wet bloke in a string vest leaking.
The convex panels billow out gently through the grid like bubbles or puckered flesh (enhancing the string vest analogy).
In string vest, baggy shorts, woolly cap, and enough gold jewelry to rival Mr.
And supermodel Kate Moss set tongues wagging as she arrived wearing a daring string vest and still wearing a wedding ring - despite having split from her - husband of four years, The Kills rocker Jamie Hince.
Mesh style slipperettes or those combat trouser things with strings coming off the side teamed with a string vest when I was about 10.
RAB C NESBITT BBC2, 10pm Rab C Nesbitt's life has never looked particularly luxurious, so it's a good job his needs have always been simple - just a steady supply of lager and the occasional new string vest.
The Boro back line has had more holes in it than Rab C Nesbitt's string vest at times this season.
I very much doubt it though, Paul dresses much more fashionably than I do, I could never see him rolling up to work in a string vest and low slung jogging bottoms
And we all saw, to our horror, that Randal wears a string vest under his formal white shirt.