Question

An interest which transfers depending upon an event which must happen it is_____?

A Vested interest Correct Answer Incorrect Answer
B Contingent interest. Correct Answer Incorrect Answer
C Conditional interest. Correct Answer Incorrect Answer
D a and b. Correct Answer Incorrect Answer

Solution

S.19. Vested interest.—Where, on a transfer of property, an interest therein is created in favour of a person without specifying the time when it is to take effect, or in terms specifying that it is to take effect forthwith or on the happening of an event which must happen, such interest is vested, unless a contrary intention appears from the terms of the transfer.

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