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 periodicals archive ?
WAISTCOAT HELL Ricky on The Voice on Saturday night
AN appeal has gone out to find the owner of a discarded waistcoat discovered in a Lichfield pub.
99, all Mango Black | Black sleeveless waistcoat PS50, white cami vest PS25, side stripe trousers PS45,all Oasis, block heels - stylist's own leeveless waistcoat PS50, white cami vest PS25, side stripe trousers PS45,all Oasis, block heels - stylist's own | Jacket PS55, culottes PS38, clutch PS32 and sandals PS32.
Managing director John Rogers said the latest project with PSNI involves another bespoke waistcoat design which includes 10 separate pockets to carry a range of police equipment.
Her: Suede waistcoat pounds 17 Her:Floral dress pounds 15, suede buckle shoes pounds 18, oversized sunglasses pounds 8 Him: Stripe flares pounds 18, red shirt pounds 16, neck tie pounds 9 and leather shoes pounds 18, all from Urban Village, Custard Factory.
The Duke of Cumberland, who bred Eclipse, later changed his colours to purple waistcoat and black cap.
Be cool in this Trilby from French Connection Toe the line in this Gibson shoe from Marks and Spencer, and, left, make a statement with this Taylor & Wright flocked shirt, from Matalan Make a statement with this shirt, scarf and waistcoat set, plus jeans, all from Matalan
There's also a dire warning that the waistcoat should be the same cloth as the trousers and jacket, whether the latter is single- or double-breasted.
A clerk at the plaza, Noorullah, told Pajhwok Afghan News the incident occurred at about 9:00am when the soldiers of national army came to the plaza and after a brief verbal fight over the price of waistcoat with a salesman,they opened fire at the shopkeepers who were assembled at the site, killing three persons.
What can be seen of the ghost are a Stetson style hat and a waistcoat, and locals believe that paranormal forces are responsible for it.