702. Annuities given to two or more persons.

The principles applicable in relation to annuities1 given to two or more persons reflect the real property law concepts of joint tenancy and tenancy in common2. If the annuity is granted jointly, then the survivor takes all; if it is granted in equal shares, the deceased's share will pass to his estate so that a single annuity given to two persons during their lives continues during the life of the survivor, who after the other's death takes the whole3. However, where there is a direction to purchase an annuity for the life of two named persons to be equally