Vested and contingent interest

1. Vested and Contingent Interest Sec. 19 & 21

2. Vested Interest No time is specified as to when it is to take effect It is specified that it shall take effect immediately It is to take effect upon the happening of an event which must happen

3. Explanation of Sec. 19 Postponement of enjoyment Prior interest Direction for the accumulation of income Condition limitation

4. Nature of the Vested Interest Present fixed interest Transferable and heritable interest

5. CONTINGENT INTEREST (Sec. 21)

6. Nature of Contingent Interest Future possible interest Not heritable Transferable interest

7. Distinction between Vested Interest and Contingent Interest Vested Interest Contingent Interest Nature of title Transferee’s right in property Transferability Attachment and sale in execution of decree Heritability