58-12-5. "Annuity contract" defined.
80 words·~1 min read·
/sd/title-58/chapter-58-12/58-12-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An annuity contract within the meaning of §§ 58-12-6 to 58-12-10 , inclusive, shall be any obligation to pay certain sums at stated times, during life or lives, or for a specified term or terms, issued for a valuable consideration, regardless of whether or not such sums are payable to one or more persons, jointly or otherwise but does not include payments under life insurance contracts at stated times during life or lives, or for a specified term or terms.