Cap. 16 Art. 1696Redemption of perpetual annuity.

(1) A perpetual annuity is of its essence redeemable at any time, at the will of the debtor, notwithstanding any agreement to the contrary, saving the proviso to article 1701.

(2) It shall, however, be lawful for the creditor to stipulate that the annuity shall not be redeemed during his life, or before the lapse of a definite time which cannot exceed twenty years, in the case of land annuities, or ten years, in the case of simple annuities, to be reckoned from the date of the constitution of the annuity.

(3) If a longer period of time is agreed upon, it shall be reduced to the one or the other of the said times, as the case may be.

(4) When the creditor is a foundation or a trustee, it shall however be lawful for the parties to the contract to establish the terms for redemption of any annuity governed by Title XI of Book Second of this Code, including the fixing of the rate of redemption, the period before which it may not be redeemed, at whose option it may be redeemed and similar matters and may even prohibit such redemption by express terms.