ANNUITY

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. 1446. 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 an estate in land. 2 Bl. Comm. 40; Rolle, Abr. 226; Horton v. Cook, 10 Watts (Pa.) 127, 36 Am. Dec. 151. The contract of annuity is that by which one iparty 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, (L. Lak breve dje annuo redditu,) which lay for the recovery of an annuity. Reg. Orig. 1586; Bract, fol. 2036; 1 Tidd, Pr. 3.