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 classic literature ?
It may be supposed, then, Franz did not wait for a repetition of this permission, but took off the handkerchief, and found himself in the presence of a man from thirty-eight to forty years of age, dressed in a Tunisian costume -- that is to say, a red cap with a long blue silk tassel, a vest of black cloth embroidered with gold, pantaloons of deep red, large and full gaiters of the same color, embroidered with gold like the vest, and yellow slippers; he had a splendid cashmere round his waist, and a small sharp and crooked cangiar was passed through his girdle.
Marmaduke appeared in a suit of plain, neat black; Monsieur Le Quoi in a coat of snuff- color, covering a vest of embroidery, with breeches, and silk stockings, and buckles—that were commonly thought to be of paste.
This was the usual dress of the women in summer; should the weather be inclement, they added a vest of skins, similar to the robe.
The Doctor immediately repaired to his wardrobe, and soon returned with a black dress coat, made in Jennings' best manner, a pair of sky-blue plaid pantaloons with straps, a pink gingham chemise, a flapped vest of brocade, a white sack overcoat, a walking cane with a hook, a hat with no brim, patent-leather boots, straw-colored kid gloves, an eye-glass, a pair of whiskers, and a waterfall cravat.
He shall have Power, by and with the Advice and Consent of the Senate, to make Treaties, provided two thirds of the Senators present concur; and he shall nominate, and by and with the Advice and Consent of the Senate, shall appoint Ambassadors, other public Ministers and Consuls, Judges of the supreme Court, and all other Officers of the United States, whose Appointments are not herein otherwise provided for, and which shall be established by Law: but the Congress may by Law vest the Appointment of such inferior Officers, as they think proper, in the President alone, in the Courts of Law, or in the Heads of Departments.
This man was in other respects too eager after notice, and seemed to many to live in a very affected manner, with his flowing locks and his expensive ornaments, and a coarse warm vest which he wore, not only in the winter, but also in the hot weather.
He came at a gallop, wearing a small hat, a blue uniform open over a white vest, and the St.
He's a bald-headed fat man and is dressed in a blue coat with brass buttons, a pink vest and drab breeches.
To find clothing seemed no easy task; but Tip boldly ransacked the great chest in which Mombi kept all her keepsakes and treasures, and at the very bottom he discovered some purple trousers, a red shirt and a pink vest which was dotted with white spots.
Seated on a bench was a man clothed in a spotted shirt, a red vest, and faded blue trousers, whose body was merely sticks of wood, jointed clumsily together.
These Marseillaises make Marseillaise hymns and Marseilles vests and Marseilles soap for all the world, but they never sing their hymns or wear their vests or wash with their soap themselves.
So accomplished a person as the reader must have seen at once that I made away with Timothy in order to give his little vests and pinafores and shoes to David, and, therefore, dear sir or madam, rail not overmuch at me for causing our painter pain.