Annuity in United States

Annuity Definition

(Lat. annuus, yearly). 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. 144b; 2 Bl. Comm. 40; Lumley, Ann. 1; 5 Mart. (La.) 312; Dav. Ir. 14. 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 the estate in land. 2 Sharswood, Bl. Comm. 40; RoUe, Abr. 226; 10 Watts (Pa.) 127. An annuity in fee is said to be a personal fee; for, though transmissible, as is real estate of inheritance (Amb. 782), liable to forfeiture as a hereditament (7 Coke, 34a), and not constituting assets in the hands of an executor, it lacks some other characteristics of realty. The husband is not entitled to curtesy, nor the wife to dower, in an annuity. Co. Litt. 32a. It cannot be conveyed by way of use (2 Wils. 224) , is not within the statute of frauds, and may be bequeathed and assigned as personal estate (2 Ves. Sr. 70; 4 Barn. & A. 59; Roscoe, Real Actions, 35, 68; 3 Kent, Comm. 460).

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(Lat. annuus, yearly). 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. 144b; 2 Bl. Comm. 40; Lumley, Ann. 1; 5 Mart. (La.) 312; Dav. Ir. 14. 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 the estate in land. 2 Sharswood, Bl. Comm. 40; RoUe, Abr. 226; 10 Watts (Pa.) 127. An annuity in fee is said to be a personal fee; for, though transmissible, as is real estate of inheritance (Amb. 782), liable to forfeiture as a hereditament (7 Coke, 34a), and not constituting assets in the hands of an executor, it lacks some other characteristics of realty. The husband is not entitled to curtesy, nor the wife to dower, in an annuity. Co. Litt. 32a. It cannot be conveyed by way of use (2 Wils. 224) , is not within the statute of frauds, and may be bequeathed and assigned as personal estate (2 Ves. Sr. 70; 4 Barn. & A. 59; Roscoe, Real Actions, 35, 68; 3 Kent, Comm. 460).

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This definition of Annuity is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Plain-English Law

Annuity as defined by Nolo’s Encyclopedia of Everyday Law (p. 437-455):

A purchased policy that pays a fixed amount of benefits every year forthe life of the person entitled to those benefits under the policy.

Practical Information

Note: Some of this information was last updated in 1982

A fixed sum payable periodically and subject to certain limitations imposed by the grantor.

(Revised by Ann De Vries)

What is Annuity?

For a meaning of it, read Annuity in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Annuity.

Concept of Annuity in Labor Law

In this context, a definition of Annuity is offered here: A form of investment plan usually provided as a retirement plan that provides for income for a specified period of time, such as a number of years or for life.