4175

The nature of the annuity requires that the transfer of the principal or of the estate should be perpetual or for an unlimited time; however, the person paying the annuity may redeem it at his will, even though the contrary should be stipulated, this provision being applicable to annuities actually existing.\nIt may, however, be stipulated that the redemption of the annuity cannot be made during the life of the annuitant or of a specified person, or that it may not be redeemed within a certain number of years, which cannot exceed twenty (20) in consignative annuities, nor sixty (60) years in reservative and in emphyteutic annuities.\nHistory —Civil Code, 1930, § 1500.