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 ?
He felt in his vest pocket; there was a ten-dollar bill there.
Seems to me, Dolph," he added, laying his finger on the elegant figured satin vest that Adolph was sporting, "seems to me that's my vest.
Master, this vest all stained with wine; of course, a gentleman in Master's standing never wears a vest like this.
Each pair of trousers, coat, and vest bore a number, indicating the time of year and season at which they were in turn to be laid out for wearing; and the same system was applied to the master's shoes.
But the proud little bud would have her own will, And folded the fire-fly more closely still; Till the struggling insect tore open the vest Of purple and green, that covered her breast.
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.
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.
Tenders are invited for Provision of Two-Year Open Term Contract for Safety Vests
a nonprofit organization that provides bullet- and stab-protective vests to police departments nationwide -- the group donated 10 protective vests to help keep the Florida-based K-9 officers safe.