law: Transfer of Property Act, 1882
  19. Vested interest
  Where, on a transfer of property, an interest therein is created
  
  in favor 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.
  A vested interest is not defeated by the death of the transferee
  
  before he obtains possession.
  Explanation: An intention that an interest shall not be vested is not to be inferred merely from a provision whereby the enjoyment thereof is postponed, or whereby a prior interest in the same property is given or reserved to some other person, or whereby income arising from the property is directed to be accumulated until the time of enjoyment arrives, or from a provision that if a particular event shall happen the interest shall pass to another person.