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 Act
Contingent 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
I hope you have understood the contingent interest definition clearly. Do note that there is a mere chance of having the ownership rights to the property in contingent interest. It totally depends on the transfer conditions.
This is all I can say about the contingent interest meaning.
Opt for NoBroker’s experienced attorneys to guide you through legal challenges Read More:Difference Between Vested And Contingent Interest
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Authors Of The Question
What is Contingent Interest?
Raktim
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1 Answers
1 Year
2023-06-16T12:14:35+00:00 2023-06-16T12:15:19+00:00Comment
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