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Webster
ANNU'ITY, n. [See Annual.] A sum of money, payable yearly, to continue for a given number of years, for life or for ever; an annual income, charged on the person of the grantor; or an annual allowance. Governm...
A sum of money, payable yearly, to continue for a given number of years, for life or for ever; an annual income, charged on the person of the grantor; or an annual allowance. Governments often borrow money upon annuities, that is, for a certain sum advanced on loan, the government contracts to pay the lender a specific sum, for life, or for a term of years. The stock created by such loans is transferable.
