Terms Used In Louisiana Civil Code 2779

  • 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.

In all matters for which no special provision is made in this Title, an onerous  annuity contract is governed by the Titles of Obligations in General and Conventional Obligations or Contracts, and when the contract provides for delivery of a thing other than money, it is governed by the Title of Sales.  A gratuitous annuity contract is governed by the Title of Donations.

Acts 2012, No. 258, §1, eff. Jan. 1, 2013.