Section 19 - Vested interest : Transfer of Property Act, 1882
What is Vested interest? Section 19 of Transfer of Property Act,
Section 19 of Transfer of Property Act 1882 : "Vested interest"
19. Where, on a transfer of property, an interest
therein is created in favour of a person without
specifying the time when it is to take effect, or in
terms specifying that it is to take effect forthwith
or on the happening of an event which must happen,
such interest is vested, unless a contrary intention
appears from the terms of the transfer.
A vested interest is not defeated by the death of the
transferee before the obtains possession.
Explanation. - An intention that an interest shall not be
vested is not to be inferred merely from a provision whereby the
enjoyment thereof is postponed, or whereby a prior interest in
the same property is given or reserved to some other person, or
whereby income arising from the property is directed to be
accumulated until the time of enjoyment arrives, or from a
provision that if a particular event shall happen the interest
shall pass to another person