Louisiana Civil Code 2786 – Existence of recipient
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Terms Used In Louisiana Civil Code 2786
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
When an annuity is established in favor of a natural person, that person must exist or be in utero at the time of the formation of the annuity contract.
When an annuity is established in favor of a juridical person, that person must likewise exist at the time of the formation of the annuity contract.
Acts 2012, No. 258, §1, eff. Jan. 1, 2013.