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 ?
BENO LED Light vests have pure wireless remotes that have two power energy options;
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Royce West, D-Dallas, would create and fund a bulletproof vest grant program to outfit approximately 50,000 officers statewide with vests that can withstand rounds from high-caliber firearms.
Women looking for a more understated vest will appreciate MizMac's Comfort Fit mesh vest.
- US-based RespirTech, a provider of airway clearance therapy vests, is launching new vest patterns and custom decorative decals intended to enhance and personalize the therapy experience for patients with chronic lung conditions such as cystic fibrosis and COPD/bronchiectasis, the company said.
made vests exclusively from distributor Regency Police Supply in Hyannis, Massachusetts, which also does custom embroidery on the body armor.
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.
Each option vests over four years, with 25% vesting on the one-year anniversary of the applicable vesting commencement date, and then equal monthly amounts vesting over the following three years.
According to her website, Chow worked in collaboration with Andy Payne and Phil Seaton in the MIT Media Lab to create the puffy black vests.