700. Introduction.

(iii)     Commencement and Duration

700.     Introduction.

Unless otherwise stated in the deed, an annuity1 created by deed commences from the execution of the deed2. An annuity arising under a will prima facie commences from the testator's death3, but the will may direct a later commencement4.

An annuity may be: (1) for the annuitant's life; or (2) perpetual; or (3) for some other period5.