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Article 2021

RA 386 · Civil Code of the PhilippinesKey provision

ELI5— what this means for you

The aleatory contract of life annuity binds the debtor to pay an annual pension or income during the life of one or more determinate persons in consideration of a capital consisting of money or other property, whose...

Official text — RA 386

The aleatory contract of life annuity binds the debtor to pay an annual pension or income during the life of one or more determinate persons in consideration of a capital consisting of money or other property, whose ownership is transferred to him at once with the burden of the income. (1802a)

Source: lawphil.net (RA 386 as amended)

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