803. Annuities.

An annuity, which is a sum of money payable on an annual basis, is personal property1. It may be created by deed, by or under the terms of a statute or by will2, and can be payable as a personal obligation or out of a fund which does not consist exclusively of land3. Even if a will directs that an annuity is payable out of land as well as personal property, the annuity remains personalty