TITLE X. ANNUITIES
CHAPTER 1. ANNUITY CONTRACT
Art. 2778. Annuity contract; definition
An annuity contract is an agreement by which a party delivers a thing to another who binds himself to make periodic payments to a designated recipient. The recipient's right to these payments is called an annuity.
A contract transferring ownership of a thing other than money for a certain or determinable price payable over a term is not an annuity contract.
Acts 2012, No. 258, §1, eff. Jan. 1, 2013.