Part Ⅱ Obligations
Chapter II Particular Kinds Of Obligations
Section 22 - Annuity For Lifetime
A contract of annuity for lifetime is a contract whereby the parties agree that one of them shall make periodical payments in money to the other party or to a third party, during the lifetime of one or the other parties or of a third party.
Contract of annuity for lifetime shall be made in writing.
In a contract of annuity for lifetime, where there is a doubt as to its duration, the annuity for lifetime is presumed to be payable to the creditor during his lifetime.
In case of doubt, the amount mentioned in the contract is presumed to be the amount to be paid annually.
Unless otherwise provided in the contract, an annuity for lifetime is payable quarterly in advance.
If the person on whose life the annuity for lifetime depends, dies after a payment made in advance and before the expiration of the period for which the payment was made, the creditor is entitled to the whole amount advanced for that period.
When the death which terminated the annuity for lifetime is due to circumstances for which the debtor of the annuity for lifetime is responsible, the court may, on the application of the creditor or of his heirs, decide that the annuity for lifetime shall continue for a reasonable period of time.
Unless otherwise provided for by contract, the right to an annuity for lifetime shall not be transferred.
The provisions of the present title shall apply mutatis mutandis to the legacy of annuity for lifetimes.