ISSUE:
Whether the settlement deed created a vested interest in favour of Varadan (settle) during the lifetime of the settlor (Kokilambal) or was the vesting contingent upon the settlor's death?
Whether Kokilambal retained the right to revoke the settlement deed and execute fresh settlement deeds after Varadan’s death?
RULE:
If the interest conferred in a settlement deed is contingent upon certain conditions or retains elements of control for the settlor, the beneficiary does not acquire absolute rights.
A contingent interest depends on the occurrence of a specified future event.
The intention of the settlor must be determined by reading the settlement deed as a whole.