Definition of Annuity

A yearly sum stipulated to be paid to another in fee or for life or years, and chargeable ohly on the person of the grantor. Co. Litt. '144b. An annuity is different from a rent-charge, with which it is sometimes cohfounded, 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 an estate in land. 2 Bl. Comm. 40; Rolle, Abr. 226; Horton v. Cook, 10 Watts (Pat) 127, 36 Am. Dec. 151. 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. This annuity may be either perpetual or for life. Civ. Code La. arts. 2793, 2794. The name of an action, now disused, (It. Lafc breve dfi annuo redditu,) which lay for the recovery of an annuity. Reg. Orig. 158b; Bract, fol. 203b; 1 Tidd, Pr. 3.