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What is the purpose of vesting?
On Jun 19, 2024
Courts have held that there is a point at which the rights of the beneficiary vest-that is,the beneficiary's rights cannot be lost by modification or discharge.A modification or discharge that occurs after the beneficiary's rights have vested cannot be asserted as a defense to a suit brought by the beneficiary.The exact time at which the beneficiary's rights vest differs from jurisdiction to jurisdiction.Some courts have held that vesting occurs when the contract is formed,while others hold that vesting does not occur until the beneficiary learns of the contract and consents to it or does some act in reliance on the promise.