Mirza Mohammad Rifat.:Differences between Vested Ownership and Contingent Ownership?
This article describes 09 differences between Vested Ownership and Contingent Ownership.
Vested Ownership
- An estate is said to be vested in ownership when it gives a present right to the immediate possession and ownership of the property. While an estate which gives a present right to the further possession of property is said to be “vested interest”.
- In a vested interest, the transferee’s is already perfect.
- The transferee owns the right absolutely.
- The vested interest is heritable.
- A vested interest is not defeated by the death of the transferee before the obtains possession. The property passes to his heirs.
- When an interest is vested, the transfer is complete and the transferee acquires all rights of a full owner.
- It does not depend upon the fulfilment of any condition. It creates an immediate right through the enjoyment may be postponed to a future date.
- The ownership is absolute.
- The investiture fact from which a person derives the right is complete.
Contingent Ownership
- Contingent is that which awaits or depends on the happening of an event.
- In a contingent interest, the title is not yet perfect. But it may become perfect. If happen certain condition annexed to the deed.
- The transferee owns it merely conditionally.
- The contingent interest is not heritable.
- A contingent interest is defeated by the death of the transferee before he obtains possession.
- When an interest is contingent, the transfer is not complete.
- It is solely depended upon the fulfilment of the condition so that if the condition is not fulfilled, the property would not be passed.
- The ownership is merely conditional.
- The investiture fact from which a person derives the right is incomplete.
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