2.
In a less technical sense, however, when the money is chargeable on
land and on the person, it is generally called an annuity. Doet. and
Stud Dial. 2, 230; Roll. Ab. 226. See 10 Watts, 127.
3.
An anuuity is different from a rent charge, with which it is frequently
confounded, in this; a rent charge is a burden imposed upon and issuing
out of lands, whereas an annuity is chargeable only upon the person of
the grantee. Bac. Abr. Annuity, A. See, for many, regulations in England
relating to annuities, the Stat,. 17 Geo. III. c. 26.
4.
An annuity may be created by contract, or by will. To enforce the
payment of an annuity, the common law gives a writ of annuity which may
be brought by the grantee or his heirs, or their grantees, against the
grantor and his heirs. The action of debt cannot be maintained at the
common law, or by the Stat. of 8 Anne, c. 14, for the arrears of an
annuity devised to A, payable out of lands during the life of B, to whom
the lands are devised for life, B paying the annuity out of it, so long
as the freehold estates continues. 4 M. & S. 113; 3 Brod. &
Bing. 30; 6 Moore, 336. It has been ruled also, that if an action of
annuity be brought, and the annuity determines pending the suit, the
writ faileth forever because no such action is maintainable for
arrearages only, but for the annuity and the arrearages. Co. Litt. 285,
a.
5.
The first payment of an annuity is to be made at the time appointed in
the instrument creating it. In cases where testator directs the annuity
to be paid at the end of the first quarter, or other period before the
expiration of the first year after his death, it is then due; but in
fact it is not payable by the executortill the end of the year. 3 Mad.
Ch. R. 167. When the time is not appointed, as frequently happens in
will, the following distinction is presumed to exist. If the bequest be
merely in the form of an annuity as a gift to a man of "an annuity of
one hnndred dollars for life" the first payment will be due at the end
of the year after the testator's death. But if the disposition be of a
sum of money, and the interest to be given as an annuity to the same man
for life, the first payment will not accrue before the expiration of
the second year after ihe testator's death. This distinction, though
stated from the bench, does not appear to have been sanctioned by
express decision. 7 Ves. 96, 97.
6.
The Civil Code of Louisiana makes the following provisions in relation
to annuities, namely: The contract of annuity is that by which one party
delivers to another a sum of money, and agrees not to reclaim it, so
long as the receiver pays the rent agreed upon. Art. 2764.
7. This annuity mav be perpetual or for life. Art. 2765.
8.
The amount of the annuity for life can in no case exceed the double of
the conventional interest. The amount of the perpetual annuity cannot
exceed the double of the conventional interest. Art. 2766.
9. Constituted annuity is essentially redeemable. Art. 2767.
10.
The debtor of a constituted annuity may be compelled to redeem the
same: 1, If he ceases fulfilling his obligations during three years: 2,
If he does not give the lender the securities promised by the contract.
Art. 2768.
11.
If the debtor should fail, or be in a state of insolvency, the capital
of the constituted annuity becomes exigible, but only up to the amount
at wich it is rated, according to the order of contribution amongst the
creditors. Art. 2769.
12.
A similar rule to that contained in the last article has been adopted
in England. See stat. 6 Geo. IV., c. 16, s. 54 and 108; note to Ex parte
James, 5 Ves. 708; l Sup. to Ves. Jr. 431; note to Franks v. Cooper, 4
Ves. 763; 1 Supp. to Ves. Jr. 308. The debtor, continues the Code, may
be compelled by his security to redeem the annuity within the time which
has been fixed in the contract, if any time has been fixed, or after
ten years, if no mention be made of the time in the act. Art. 2770.
13.
The interest of the sums lent, and the arrears of constituted and life
annuity, cannot bear interest but from the day a judicial demand of the
same has been made by the creditor, and when the interest is due for at
least one whole year. The parties may only agree, that the same shall
not be redeemed prior to a time which cannot exceed ten years, or
without having warned the creditor a time before, which they shall
limit. Art. 2771. See generally, Vin. Abr. Annuity; Bac. Abr. Annuity
and Rent; Com. Dig. Annuity; 8 Com. Dig. 909; Doct. Plac. 84; 1 Rop. on
Leg. 588; Diet. de Jurisp. aux mots Rentes viageres, Tontine. 1 Harr.
Dig. h. t.
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