ES निहित एवं समाश्रित हित से आप क्या समझते हैं ? दोनों के अन्तर को समझाइए।

Vested and Contingent Interest: Meaning and Differences

1. Vested Interest

A vested interest is an interest in property that is absolute and not dependent on any future event. It is a present and transferable right, even if the possession is deferred.

Characteristics of Vested Interest:

• The interest is already created in favor of a person.
• The right is not dependent on any condition or event.
• The holder of the vested interest can transfer it to another person.
• The interest does not lapse even if the holder dies before taking possession.
• A vested interest can be enjoyed immediately or in the future.

Example of Vested Interest:

• A gives property to B for life, and after B’s death, to C. Here, C has a vested interest in the property, even though possession will be given after B’s death.

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2. Contingent Interest

A contingent interest is a future interest that depends on the happening or non-happening of a certain condition. It is uncertain and does not come into effect until a specific event occurs.

Characteristics of Contingent Interest:

• The interest is dependent on a condition being fulfilled.
• If the condition is not met, the interest does not vest in the beneficiary.
• It cannot be transferred unless the condition is fulfilled.
• If the beneficiary dies before the condition is met, the interest ceases to exist.

Example of Contingent Interest:

• A gives property to B, but only if B marries before the age of 30. Here, B’s interest is contingent because it depends on him marrying before 30. If B remains unmarried beyond 30, the interest never materializes.

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Difference Between Vested and Contingent Interest

Feature	Vested Interest	Contingent Interest
Definition	A present interest in property that is certain.	A future interest that depends on a condition.
Certainty	Certain and absolute.	Uncertain, depends on a future event.
Condition	No condition needs to be fulfilled.	Arises only if a specific condition is fulfilled.
Transferability	Can be transferred.	Cannot be transferred until the condition is met.
Effect of Death	Passes to heirs upon death.	Gets extinguished if the beneficiary dies before the condition is fulfilled.
Example	A gives property to B for life, then to C. C has a vested interest.	A gives property to B if he passes an exam. B’s interest is contingent.

Conclusion

Vested and contingent interests are crucial concepts in property law. Vested interest is certain and enforceable, while contingent interest is conditional and uncertain. A vested interest holder has a guaranteed right, whereas a contingent interest holder has only a possibility of acquiring the property.