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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

vest

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

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

vest

see VESTING.
Collins Dictionary of Law © W.J. Stewart, 2006

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
The undershirt is available in three sizes - small, medium and large.
Major Jason Baria, spokesperson of PRO 11, said the ceremonial turnover and blessing of two the mini-vans and 1,083 pieces undershirt Vest Level-A provided by the national Headquarters was conducted at the grandstand inside Camp Sgt.
He says he has always left the top button untied but he hasn't worn an undershirt since his start against the Astros in Houston June 5 when he pitched 6 innings of 2-run ball in a 4-3 loss.
Now it's sometimes shortened to plain old "beater."In 2001, in an article in this newspaper titled An Undershirt Named; What?
The T-shirt achieved popularity in the early 1950s, specifically with the depiction of iconic moody men on movies such as, James Dean putting on that white undershirt under his leather jacket in Rebel Without A Cause, or Marlon Brando dressed in a white wife beater in the end of A Streetcar Named Desire.
But eventually, the Philippine tropical weather caught on him, so he shed off his three-fourth-sleeve, olive button-down shirt to reveal his favorite 'Yes, Oui, Si' black undershirt, which gave watchers a peek of his robust chest.
Also procured include 180 4x4 personnel carriers, 11 125cc motorcycles, two SOCO vans, five brand-new light transport vehicles, three 4x4 pickups, five brand new utility trucks, 313 5.56 Basic Assault rifle, 5,470 handheld radio, 104 base radios, 1,018 mobile radios, 81 conventional repeater, 6,883 anti-riot shields, 7,441 anti-riot body armors, 12,424 undershirt vests, six rotary blade/propelled wing unmanned aerial vehicles, 48 explosive detector dogs, three 25 KVA generator sets.
* Wear a T-shirt on its own or as an undershirt beneath a button-down.
The suspect is white, 20 to 30 years old, and was wearing a black hooded sweatshirt, a grey undershirt, loose-fitting light-colored jeans and dark shoes, McLaughlin said.
But in one of the few colourful moments, the Flower Maidens in Act II show up in glittering party dresses to flirt with Parsifal, who is grossly unromantic in his bloodstained undershirt, suspenders and rounded paunch.
The channel also showed images from inside a hospital where the wounded were being treated, including a woman whose black robes had been lifted up, revealing a bloodsoaked undershirt.
Behind glass and stitched loosely to supporting backing hangs a relic of holy suffering: the bullet-pocked, bloodstained undershirt that John Paul II was wearing when a gunman shot him in the stomach in St.