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 ?
Marks & Spencer v Northcote Linen Waistcoat. PS69.95.
Waistcoat, PS69.99, Mango; trousers, PS69.99, Lindex; shoes, PS55, Autograph at Marks & Spencer
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Originating from ancient Persia, it was worn as an alternative to the waistcoat by military men and was later adapted to civilian use.
The waistcoat is also making a comeback and looks great worn with tailored trousers and a crisp white shirt.
SECURITY staff confronted a boxing fan for 'wearing a Union Jack waistcoat' - minutes before he was escorted from Manchester Arena by police.
And viewers loved his choice of outfit as he paid homage to England managerGareth Southgatewith his waistcoat and tie look.
Waffle crew neck jumper PS24.90, Uniqlo M&S Collection textured shawl cardigan PS29.50, Marks and Spencer Charcoal merino wool waistcoat was PS49.95, now PS34.95, Charles Tyrwhitt Grey cable scarf PS45, Boden Light grey nep waistcoat PS50, Next Only & Sons wool overcoat PS100, Thread .com Cotton linen beanie PS25, Arket Rust rollneck jumper was PS30, now PS22.50, Burton Boston 2 KG by Kurt Geiger boots RRP PS79, now PS59, shoeaholics.com Herringbone coat PS120, caramel shawl collar cardigan PS55, grey herringbone shirt PS40, white pocket tee PS18, slim fit dark wash jean PS50, All Flintoff by Jacamo * Prices correct at time of going to print.
Waffle crew neck jumper PS24.90, Uniqlo M&S Collection textured shawl cardigan PS29.50, Marks and Spencer Grey cable scarf PS45, Boden Charcoal merino wool waistcoat was PS49.95, now PS34.95, Charles Tyrwhitt Rust rollneck jumper was PS30, now PS22.50, Burton Light grey nep waistcoat PS50, Next Only & Sons wool overcoat PS100, Thread .com Cotton linen beanie PS25, Arket Boston 2 KG by Kurt Geiger boots RRP PS79, now PS59, shoeaholics.com Herringbone coat PS120, caramel shawl collar cardigan PS55, grey herringbone shirt PS40, white pocket tee PS18, slim fit dark wash jean PS50, All Flintoff by Jacamo * Prices correct at time of going to print.
After the general election of July 25, an order was placed for Khan's sherwani which was later revised to stitching a waistcoat for him for his oath-taking ceremony.
ISLAMABAD -- Pakistan Tehreek-i-Insaf (PTI) chairman on Monday borrowed waistcoat from National Assembly employee to pose for registration card picture.
ISLAMABAD -- Pakistan Tehreek-i-Insaf (PTI) Chairman and prime minister-in-waiting Imran Khan on Monday borrowed a waistcoat from an employee of the National Assembly before taking a photograph for his official card of the lower house.