Louisiana Civil Code 2782 – Termination of annuity; absence of a designated term
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Terms Used In Louisiana Civil Code 2782
- 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.
In the absence of a designated term, an annuity established in favor of a natural person terminates upon the death of that person, but one in favor of a juridical person is without effect.
Acts 2012, No. 258, §1, eff. Jan. 1, 2013.