Contingent Interest

Contingent Interest in property transfers


 

Sec.21 of the Transfer of Property Act, 1882

Sec.21 Contingent Interest:

“Where, on a transfer of property, an interest therein is created in favour of a person to take effect only on the happening of a specified uncertain event, or if a specified uncertain event shall not happen, such person thereby acquires a contingent interest in the property. Such interest becomes a vested interest, in the former case, on the happening of the event, in the latter, when the happening of the event becomes impossible.”

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