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Section 120: Date of vesting when legacy contingent upon specified uncertain event
(1) A legacy bequeathed in case a specified uncertain event shall happen does not vest until that event happens.
(2) A legacy bequeathed in case a specified uncertain event shall not happen does not vest until the happening of that event becomes impossible.
(3) In either case, until the condition has been fulfilled, the interest of the legatee is called contingent.
Exception.—Where a fund is bequeathed to any person upon his attaining a particular age, and the will also gives to him absolutely the income to arise from the fund before he reaches that age, or directs the income, or so much of it as may be necessary, to be applied for his benefit, the bequest of the fund is not contingent.
Illustrations
(i) A legacy is bequeathed to D in case A, B and C shall all die under the age of 18. D has a contingent interest in the legacy until A, B and C all die under 18, or one of them attains that age.
(ii) A sum of money is bequeathed to A “in case he shall attain the age of 18,” or “when he shall attain the age of 18”. A’s interest in the legacy is contingent until the condition is fulfilled by his attaining that age.
(iii) An estate is bequeathed to A for life, and after his death to B if B shall then be living; but if B shall not be then living to C. A, B and C survive the testator. B and C each take a contingent interest in the estate until the event which is to vest it in one, or in the other has happened.
Source: official text of The Indian Succession Act, 1925 as published on India Code (PDF). All sections of the Indian Succession Act, 1925.