Vest, Vested Right

VEST - To give an immediate fixed right of present or future enjoyment; an estate is vested in possession when there exists a right of present enjoyment; and an estate is vested in interest, when there is a present fixed right of future, enjoyment.

VESTED RIGHT - An absolute right. When a retirement plan is fully vested, the employee has an absolute right to the entire amount of money in the account.
   

This entry contains material from Bouvier's Legal Dictionary, a work published in the 1850's.