Also known as: vests · vested · vesting · vested rights · vesting schedule
Written by attorneys · grounded in primary & secondary sources — see below
To confer ownership of property or a fixed right of present or future enjoyment upon a person or entity. The conferral fixes the right so that it cannot be unilaterally withdrawn.
Select any source to read its text and confirm it supports the definition.
Viktor Voronin proposes a bill regulating interstate trucking rates. The bill passes both houses and is signed by the President. Because all legislative powers are vested in Congress, the resulting statute binds the states without further state approval.
Virgil Vaughn and Vanessa Vega form a member-managed LLC to operate a vineyard. Under the operating agreement, day-to-day decisions about grape purchases rest with them. Management and conduct of the company are vested in the members, so neither may unilaterally delegate final authority to an outside manager.
Vaughn Valentine owns a corner gas station built before a new zoning ordinance banned commercial uses. He continues selling fuel and repairs vehicles. The owner holds a vested right to continue the existing nonconforming use, shielding the station from immediate closure under the rezoning.
Violet Vang creates a trust naming her niece as beneficiary of future income from rental properties. The niece holds a present or future beneficial interest in the trust, vested or contingent, allowing her to enforce distribution rights once the income accrues.
Valentina Vasquez, a nonlawyer insurance adjuster, negotiates a settlement and charges a contingent fee. Because the state constitution vests exclusive authority over the practice of law in the judiciary, her fee contract is unenforceable.
Venture Holdings challenges a federal excise tax on imported steel. Because the Constitution vests Congress with power to lay and collect excises uniform throughout the United States, the tax withstands the company's constitutional attack.
A vested right is fixed and immediate or certain to occur, while a contingent right depends on an uncertain future event. The distinction determines whether the holder can enforce the interest without further conditions.
No. The owner generally holds a vested right to continue the use, and protection of pre-existing property rights limits immediate elimination. Loss occurs only through abandonment, statutory discontinuance, or reasonable amortization.
No. Model statutes expressly provide that a shareholder has no vested property right resulting from any provision in the bylaws or articles of incorporation.
…perform them is given in separate sections of the Constitution and Congress may provide that appointment of inferior officers be vested in others, in which case issuing a commission might be a distinct duty. In this case the appointment was made by the President by and with the advice and consent of the Senate and was…