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 ?
New K9 graduates, as well as K9s with expired vests, are eligible to participate.
Dan Patrick announced in October that he wants Texas to buy rifle-resistant vests for all patrol officers in the state.
The Vest acquisition allows for enhanced integration of CBOE's proprietary products, strategy indexes and options expertise into Vest's platform, which substantially reduces the complexity of options trading while providing investors with targeted protection, enhanced returns, and a level of predictability unattainable with most other investments.
Fundraising activities for Nikita's vest included book, candy and bake sales, which raised nearly $1,500.
The fact that the victim was none other than Karkare, a joint commissioner of police, and yet the police managed to " lose" his vest is an appaling laxity.
It claims that Instavest is the fastest quick release vest in the world, both, in terms of taking it off and then reassembling it and putting it on.
Plain and block coloured vests look great teamed with jeans and gladiator sandals (in colourful brights this year) while the latest shiny materials, whether subtle or glitzy, are adding sparkle to this season's sporty whites.
Simi Valley puts vests on dogs when they are dealing with known armed suspects.
Put the vest in a plastic bag to keep out dirt, dust and moisture.
By comparison, the "flak vest" of Vietnam came in at about 25 pounds, and the original flak vest worn by airmen during World War II weighed around 40 pounds, Air Force Museum officials said.
All the options are expected to vest under one-year cliff vesting.
In a detailed study circulated in October 1956, the month of the start of the Anglo-French action, the Ministry of Supply preoccupied itself with the relative dangers of 'dragging', 'chafing' and 'unsightly sweat patches' resulting from differing models of vest.