Dutch Civil Code

Book 7 Particular agreements

Title 7.18 Life annuity agreement

Article 7:990 Definition of ‘life annuity’
A life annuity is a right to periodically paid benefits in money of which the continued payment depends on the fact whether one or more persons (annuitants) are still alive.

Article 7:991 Payment of a life annuity benefit; proof that the beneficiary is alive
- 1. If a life annuity benefit has not been paid on the due date, and even after a letter of formal notice no payment is received, then the beneficiary is entitled to convert the life annuity, as far as it is still indebted, by means of a written notification to the debtor into a debt-claim for compensation of the amount necessary to buy an identical life annuity.
- 2. However, where the debtor of the life annuity on reasonable grounds may doubt that the annuitant is still alive, he may withhold performance of his obligation.

Article 7:992 Payment of the last life annuity benefit
Over the period in which the annuitant dies, only interest is indebted in proportion to the number of days that he has lived. Where the interest had to be paid in advance, it remains indebted over the whole period.