The Transfer of Property Act of 1882 speaks of two kinds of interest- the vested interest and contingent interest. So let me share the definition of both these interests.Vested Interest Meaning-Vested interest is an interest in a property that is created in favour of a person without any specification. The person given the vested interest does not, however, enjoy any right over the property but can get it under a specified event. It is mentioned in Section 19 of the Transfer of Property ActContingent Interest Meaning-Contingent interest is an interest that is created in favour of a person to whom the property is transferred. Such an interest depends on the happening of a specified uncertain event. This interest is mentioned in Section 21 of the Transfer of Property Act. I hope you have a basic understanding of what is contingent interest now.
What are some of the aspects of contingent interest?
There are some major aspects of contingent interest like-
The interest gets created in a person’s favour to whom the property is transferred. The interest depends upon the happening of a specified uncertain event.
The uncertain event may happen or may not
The right of enjoying the rights of the property depends on the happening of such an event
Post
Question
What is Contingent Interest?
Raktim
✔In Progress
👁214
Views
June 16, 2023
2023-06-16T12:14:35+00:00 2023-06-16T12:15:19+00:00Comment
1
Answers
Taxes
Share