ISSUE:
Whether the Appellant (who is the wife of B. N. Subbarao) entitled to the one-fifth share in the properties mentioned in the Will of her deceased father-in-law?
Whether the interest created is a vested or a contingent interest, defined in Section 19 and 21 of The Transfer of Property Act?
RULE:
For the purpose of determining the date of vesting of the interest in the bequest, it is necessary to bear in mind about the distinction between a vested interest and the contingent interest.
An interest is said to vested interest when there is immediate right of present enjoyment or a present right for future enjoyment. Whereas, an interest is said to be contingent if the right of enjoyment is made dependent upon some event or condition that may or may not happen.
On the happening of the event or condition, a contingent interest becomes a vested interest.