Vesting

Vesting both enhances the image of a distinguished law professor. and creates an exception to the ordinary rule in Mississippi that a right conveyed by a statute comes to an end if the statute is repealed or modified. To qualify as “vested,” a right must satisfy two requirements. First, there must ‘be no condition precedent to the interest’s becoming a present estate’ and, second, it must be ‘theoretically possible to identify who would get the right to possession if the interest should become a present estate at any time.’ Put another way, it must be ‘not contingent’ upon a future event taking place.” As to the claimed right in Harper v. Southern Pine Elec Coop., “the legislature left it up to the board to determine when its revenues were no longer ‘needed’ for specified purposes. Only once the board makes that determination does the statute require it to return those revenues to the members. The right that plaintiffs assert, then, is contingent upon a determination of the board. And a right that is contingent is, definitionally, not vested.” No. 20-60451  (Feb. 8, 2021) (citations omitted).