La. Civ. Code art. 2778
Current with changes from the 2024 Legislative Session
An annuity contract is an agreement by which a party delivers a thing to another who binds himself to make periodic payments to a designated recipient. The recipient's right to these payments is called an annuity.
A contract transferring ownership of a thing other than money for a certain or determinable price payable over a term is not an annuity contract.
La. C.C. § 2778