An employee’s acquisition of an unconditional right to receive retirement benefits after working for an employer for the required period.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

the process whereby a right to or interest in property becomes the subject of entitlement by someone. If an interest vests in possession, the holder will become entitled to the immediate possession thereof; if it vests in interest, this signifies the existence of a prior interest that requires to be satisfied before possession can be assumed.
In Scotland, vesting subject to defeasance refers to conditional bequests where the condition is resolutive and not suspensive: see generally Taylor v. Gilbert's Trs (1878) 5 R (HL) 217. It is most commonly encountered where a testator makes a bequest that is conditional only upon the possible birth of a child, in which case, if the doctrine applies, the condition is ignored but may later be defeated by the happening of the event.

Collins dictionary of law. . 2001.

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Look at other dictionaries:

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