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annuity definition - legal

n

A fixed sum paid out at regular intervals for a certain period of time and subject to limitations set by the grantor. For example, a person may be entitled to fixed and periodic payments for the rest of his life once he reaches a certain age. See also life estate and trust.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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