When contingent interest becomesvested ? Is a vested interest defeated bythe death of Transferee ?

Answer :-
When a property is transferred subject
to a condition precedent ,i.e. on the
happening of a specified uncertain
event , the transfer creates a contingent
interest in favour of the transferee with
respect to the property transferred .
When the specified uncertain event
happens the contingent interest of the
transferee becomes vested interest .
It may be illustrated by an example .
Let us suppose that A gifts a property
to B on condition that the transfer will
take effect and B will possess and enjoy
the property when he marries . B may or
may not marry in his life so the
condition is uncertain . Marriage of B is
a condition precedent here . And B’s
interest in the property is contingent . If
B marries his contingent interest with
respect to the property becomes vested
interest.
Again , when a transfer of property is
made to take effect if a specified
uncertain event shall not happen , the
interest created by the transfer in favour
of the transferee becomes vested when
the happening of that event becomes
impossible .
This also may be illustrated with the
help of an example from the
illustrations of section 120 of the Indian
Succession Act .
Let us suppose that a fund is
bequeathed to A , if B shall not marry C
within five years after the testator’s
death . Here , A’s interest in the legacy
is contingent until the condition is
fulfilled by the expiration of the five
years without B’s having married C , or
by the occurrence within that period of
an event which makes the fulfilment of
the condition impossible .
A vested interest is heritable . Section
19 says that a vested interest is not
defeated by the death of the transferee
before he obtains possession . In such
event , or on the death of the transferee
before he obtains possession , the
vested interest of the deceased
transferee , with respect to the property
transferred , passes on his heirs .
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