Louisiana Civil Code Tit. X, Art. 2778. Annuity contract; definition

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.