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Simple English definitions for legal terms
vested ownership
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A quick definition of vested ownership:
Vested ownership means that someone owns something completely and without any conditions. It's like when you have a toy that is yours and nobody can take it away from you because it belongs to you.
A more thorough explanation:
Definition: Vested ownership means complete and unconditional ownership.
Example: If you buy a car with cash, you have vested ownership of the car. This means that you have complete and unconditional ownership of the car, and no one can take it away from you.
Explanation: Vested ownership means that you have full control and rights over something. In the example given, the person who bought the car with cash has complete ownership of the car, and no one can take it away from them. This is because they have paid for the car in full, and there are no conditions or restrictions on their ownership.