Louisiana Civil Code 2791 – Enforcement of the annuity charge
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Terms Used In Louisiana Civil Code 2791
- 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.
Upon failure of payment of amounts due under a contract establishing an annuity charge, the recipient may obtain judgment for the amounts due and may enforce the judgment by execution upon the immovable subject to the annuity charge in accordance with law.
The adjudication extinguishes the annuity charge for all amounts for which judgment was rendered as well as all charges and encumbrances on the immovable inferior to the annuity charge but does not extinguish the annuity charge for amounts thereafter becoming due under the contract.
Acts 2012, No. 258, §1, eff. Jan. 1, 2013.