Volume 1, Draft Civil Code - Digital exhibitions & collections - McGill ...

OBLIGATIONS 527
1174 An annuity may be for life or for a term.
1175 An annuity may not be stipulated to be exempt from
seizure and untransferable, unless the creditor receives it by
gratuitous title.
1176 The capital value of an annuity may not be claimed
solely on the grounds of non-payment of arrears.
1177 The creditor whose annuity is secured by hypothec may
not demand that the immoveable seized be sold subject to his
annuity.
1178 A hypothec which secures payment of an annuity is
purged by a forced sale.
At collocation, any subsequent creditor is entitled to the
proceeds of the sale, provided he furnishes sufficient security
for the continued payment of the annuity.
Failure to provide this security entitles the creditor,
according to his rank, to receive the capital value of the
annuity on the day of collocation.
1179 The capital value of an annuity may be demanded if the
debtor does not furnish or maintain the security promised, or
if he becomes insolvent or is declared bankrupt.
1180 An annuity is estimated at an amount sufficient to
acquire from an authorized insurer an annuity of the same
value.
This provision is imperative.
1181 In the absence of agreement, the value of the annuity is
determined by the court upon motion.
1182 The debtor may appoint an authorized insurer in his