Vested Interest and Contingent Interest|| Section 19 and Section 20 ||

Описание: Case Laws mentioned in the video:
Lachman v. Baldeo (1919) A person transferred a deed of gift in favor of another person but directed him that he will not get the possession of that property until the transferor himself dies. The transferee will have a vested interest even though his right of enjoyment is postponed.
Leake v. Robinson (1817) The court held that whenever a condition involves a bequest that is to be given “at” a particular age or “upon attaining” a particular age or “after” attaining this particular age, then it can be derived that the transfer involves a contingent interest.

Sundar Bibi v. Rajendra Narayan (1925) The Allahabad High Court held that in a vested interest the title passes absolutely from the transferor at the date of the transfer, though the enjoyment may be postponed.
Rajesh Kanta Roy v. Shrimati Sunita Debi (1957) One Ramani Kanta Roy executed a registered trust deed in respect of his properties. The eldest son Rajesh was appointed the sole Trustee to hold the properties under the trust subject to certain power and obligation. After his death his two son Rajesh And Ramendra got interest in the property. There was a clause in the trust deed that both of them was to get interest in the properties allotted to each other happening of the two events -
1) Discharge of all the debts specified in the schedule and death of the settler himself.

2) The trust was to come to an end on the death of settler and the son were to get properties allotted to them there after.

Issue before the court was whether the interest created by the trust were vested or contingent?

A Supreme Court held that the interest taken by the two brothers under the trust deed was vested and not contingent because it was certain event


Usha Subbarao v. BN Vishveswaraiah (1996) Supreme Court observed that interest is vested when there is immediate right of present enjoyment or a present right for future enjoyment. An interest is contingent one when the right of enjoyment is dependent upon some condition that may or may not happen. The contingent interest becomes vested one on fulfillment of the specified condition.
Kokilambal v. N Raman (2005) Here in this case, A settled the property in favor of B. But A retained some right in the property and there was no complete relinquishment of rights. Hence, it means that no absolute ownership of B was created during her life. Thus, the rights created in favor of B were not heritable and the claim of B’s heirs was dismissed.

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