Annually

Yearly; returning every year. As applied to interest it is not an undertaking to pay interest at the end of one year only, but to pay interest at the end of each and every year during a period of time, either fixed or contingent; Sparhawk v. Wills, 6 Gray (Mass.) 164. ANNUITY (Lat. annum, 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. 144 6; 2 Bla. Com. 40; Lumley, Ann. 1; Mayor, etc., v. Milnor, 24 N. J. Eq. 358; Wagstaff t. Lowerre, 23 Barb. (N. Y.) 216. An annuity is different from a rent-charge, with which it is sometimes confounded, — the annuity being chargeable on the I merely, and so far personalty; while a rentcharge is something reserved out of realty, Or fixed as a bunion upon the estate in land; 2 Bla. Com. 40; Rolle, Abr. 226; Horton v. Cook, 10 Watts (Pa.) 127, 36 Am. Dec. 151. An annuity in fee is said to be a per fee; for, though transmissible, as is real estate of inheritance; Ainbl. Ch. 782; Challis. R. P. 40; liable to forfeiture as a hereditament; 7 Coke, 34 a; and not constitute sets in the bands 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. 32 a. It cannot be conveyed by way of i; Wils. 224; is not within the statute of frauds, and may be bequeathed and assigned as personal estate; 2 Ves. Sen. 70; 4 B. & Aid. 59; Roscoe, Real Act. 68, 35; 3 Kent 460. To enforce the payment of an annuity, an action of annuity lay at common law, but when brought for arrears must be before the annuity determines; Co. Litt. 285. In case of the insolvency or bankruptcy of the debtor, the capital of the constituted annuity becomes exigible; La. Civ. Code, art. 2760; stat. 6 Geo. IV. c. 16, §§ 54, 108; 5 Yes. 70S; 4 id. 763; 1 Belt, Snpp. Ves. 30S, 431. Land charged with an annuity, having descended to heirs at law of which the annuitant is one, is relieved of the annuity only pro tanto; but queer e if the annuitant had acquired the same right by purchase; Addams v. Heffernan, 9 Watts (Pa.) 529. See Chabge; Life Tables.

The meaning of this term, as applied to interest, is not an undortaking te pay interest at the end of one year only, but to pay interest at the end of each anil every year during a period of time, either fixed or contingent. OGray,164. See, also, 19S. 6. 89; 16 Ohio St. 348.