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.