Louisiana Revised Statutes 9:2785 – Death of either party when obligation personal as to both
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Louisiana Revised Statutes 9:2785
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
An obligation to pay an annuity to a certain person during the life of the obligor,* is personal as to both, and is extinguished by the death of either.
Acts 1984, No. 331, §4.
*Note error in English translation of French text; “obligor” should be “obligee.”