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Annuity

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ANNUITY (Lat. annuaa, yearly). A yearly sum stipulated to be paid to another in fee, or for life or years, and chargeable only on the person of the grantor. Co. Litt. 144 b; 2 Bla. Com. 40; Lumley, Ann. 1; Mayor, etc., of City of New Orleans v. Duplessis, 5 Mart. 0. S. (La.) 312; Day. Ir. 14; Stephens' Ex'rs v. Milnor, 24 N. J. Eq. 358; Wagstaff v. Lowerre, 23 Barb. (N. Y.) 216.

An annuity is different from a rent-charge, with which it is sometimes confounded,—the annuity being chargeable on the person merely, and so far personalty; while a rent charge is something reserved out of realty, or fixed as a burden upon the estate in land; 2 Bla. Com. 40; Rolle, Abr. 226; Horton v. Cook, 10 Watts (Pa.) 127, 36 Am. Dec. 151. An annuity in fee is said to be a personal fee; for, though transmissible, as is real es tate of inheritance; Ambl. Ch. 782; Challis, R. P. 46; liable to forfeiture as a heredita ment; 7 Coke, 34 a; and not constituting as sets in the hands of an executor, it lacks some other characteristics of realty. The

husband is not entitled to curtest', nor the wife to dower, in an annuity; Co. Litt. 32 a. It cannot be conveyed by way of use; 2 Wils. 224 ; is not within the statute of frauds, and may be bequeathed and assigned as per sonal estate; 2 Ves. Sen. 70; 4 B. & Ald. 59; Roscoe, Real Act. 68, 35; 3 Kent 460.

To enforce the payment of an annuity, an action of annuity lay at common law, but when brought for arrears must be before the annuity determines; Co. Litt. 285. In case of the insolvency or bankruptcy of the debt or, the capital of the constituted annuity be comes exigible; La. Civ. Code, art. 2769; stat. 6 Geo. IV. c. 16, §§ 54, 108; 5 Ves. 708; 4 id. 763; 1 Belt, Supp. Ves. 308, 431.

Land charged with an annuity, having de scended to heirs at law of which the annu itant is one, is relieved of the annuity only pro tanto; but qucere if the annuitant had acquired the same right by purchase; Ad dams v. Heffernan, 9 Watts (Pa.) 529.

See CHARGE ; LIFE TA.BLES,