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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.
Phil King, R-Weatherford, said the bill is a response to the Dallas ambush, in which the perpetrator used a rifle, a weapon many law enforcement agencies' traditional vests can't properly withstand.
In the sewing process of the binding, the cloth binding should be folded to create a smooth even edge on all sides and edges of the safety vests.
made vests exclusively from distributor Regency Police Supply in Hyannis, Massachusetts, which also does custom embroidery on the body armor.
TEHRAN (FNA)- The Iranian defense researchers, inspired by fish scales, have designed and developed a new type of hi-tech bulletproof vest which protects the soldiers against bullets fired from close range and different angles.
After reading about Nikita's journey from homeless puppy at the Sterling Animal Shelter to top drug -sniffing K-9 at the Worcester County Sheriff's Office, D'Ambrosio, his staff and patients set their sights on providing Nikita with a life-saving vest to protect him in the line of duty.
Luar Zepol, the avant-garde menswear brand designed by Brooklyn native and Dominican Republic-based Raul Lopez, is a big proponent of fashionable layering and includes far-out vests in every collection, delivering the kind of otherworldly runway pieces that inspire repurposing day-to-day style.
Huddersfield University says its external weekend and night-time contractors have chosen to wear stab vests.
Singh alleged that " a very powerful person in the Mumbai Police was involved in purchasing faulty vests for the police force and hence the whole coverup".
The quick release function is the latest specification which some of the best armies in the world demand as mandatory for their regular issues vests, this system is provided for emergency scenarios which would need the soldier to jettison off the vest along with all the equipment and load on it, in emergency situations which require split second reflexes and decisions.
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.