688. Bequest of an annuity followed by a direction to set apart a fund.

Where a bequest of a life annuity1 is followed by a direction or power to set apart a fund to provide for it and the estate is sufficient to set apart this fund, the annuitant may not claim to be paid the value of the annuity in cash2.

Where the estate is insufficient to set apart the requisite fund and also to pay in full any pecuniary legacies, but is sufficient to pay in full the legacies and also the value of the annuity, the annuity should be valued, and the valuation either be paid to the annuitant or invested