O.C.G.A.
O.C.G.A.

O.C.G.A. § 33-28-1 (2019)

Definitions

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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As used in this chapter, the term: (1) ‘‘Annuity’’ means a contract by which one party in return for a stipulated payment or payments promises to pay periodic installments for a stated certain period of time or for the life or lives of the person or persons specified in the contract. The term does not cover the proceeds of life insurance no matter how payable. (2) ‘‘Pure endowment’’ means a contract under which one party in return for stipulated payment is obligated to pay a fixed sum if and only if the person designated in the contract survives a certain period specified in the contract. (3) ‘‘Reversionary annuity’’ means an annuity contract under which the person otherwise entitled to the proceeds is not to receive

any payments unless that person survives another person or persons specified in the contract.

History

Code 1933, § 56-2601, enacted by Ga. L. 1960, p. 289, § 1.

Annotations

JUDICIAL DECISIONS Annuities were not insurance in Georgia prior to 1960. Chatham County Hosp. Auth. v. John Hancock Mut. Life Ins. Co., 325 F. Supp. 614 (S.D. Ga. 1971).

Cited in King v. Travelers Ins. Co., 202 Ga. App. 568, 415 S.E.2d 176 (1992); Silliman v. Cassell, 292 Ga. 464, 738 S.E.2d 606 (2013).

RESEARCH REFERENCES Am. Jur. Pleading and Practice Forms. - 1C Am. Jur. Pleading and Practice Forms, Annuities, § 1 et seq. C.J.S. - 44 C.J.S., Insurance, §§ 4, 5.

ALR. - Annuitant’s right to corpus or capital sum in lieu of annuity, 54 A.L.R.2d 361.

Notes of Decisions
Cited in 7 cases, 1992–2016 · leading case: Silliman v. Cassell, 738 S.E.2d 606 (Ga. 2013).
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Silliman v. Cassell, 738 S.E.2d 606 (Ga. 2013). · cites it 2× “See OCGA § 33-28-1 (1) (defining “annuity’ as “a contract by which one party in return for a stipulated payment or payments promises to pay periodic installments for a stated certain period of time or for the life or lives of the person or persons specified in the contract”);…”
Robert B. Silliman v. Lou Ann Cassell, 688 F.3d 1291 (11th Cir. 2012). “, Ga.Code Ann. § 33-28-1(1) (“ ‘Annuity’ means a contract by which one party in return for a stipulated payment or payments promises to pay periodic installments for a stated certain period of time or for the life or lives of the person or persons specified in the contract.”
Wallace v. McFarland (In re) McFarland, 500 B.R. 279 (Bankr. S.D. Ga. 2013). · cites it 2× “2d at 609 ; see also O.C.G.A. § 33-28-1(1) (“ ‘Annuity’ means a contract by which one party in return for a stipulated payment or payments promises to pay periodic installments for a stated certain period of time or for the life or lives of the person or persons specified in the…”
McFarland v. Wallace (In re McFarland), 557 B.R. 256 (S.D. Ga. 2016). · cites it 2× “” O.C.G.A. § 33-28-1(1). Further, “[t]he relationship of an insurer and an ■ annuitant is not a fiduciary one.”
Wallace v. Meehan (In Re Meehan), 162 B.R. 367 (Bankr. S.D. Ga. 1993). · cites it 2× “§ 47-2-1(26) and § 47-3-1(17) (pension); O.C.G.A. § 33-28-1(1) (annuity). 13 . 26 U.”
King v. Travelers Ins. Co., 415 S.E.2d 176 (Ga. Ct. App. 1992). · cites it 2× “The proceeds of this workers’ compensation settlement agreement, which bears analogies to an annuity contract, see OCGA § 33-28-1 (1), are likewise not part of the decedent’s estate and thus are not subject to the year’s-support claim.”
Bacon v. Smith, 474 S.E.2d 728 (Ga. Ct. App. 1996). · cites it 2× “568, 569 ( 415 SE2d 176 ) (1992) (“[t]he proceeds of this workers’ compensation settlement agreement, which bears analogies to an annuity contract, see OCGA § 33-28-1 (1), are likewise not part of the decedent’s estate”).”
— 33-28-1(1) — 4 cases
Robert B. Silliman v. Lou Ann Cassell, 688 F.3d 1291 (11th Cir. 2012). “, Ga.Code Ann. § 33-28-1(1) (“ ‘Annuity’ means a contract by which one party in return for a stipulated payment or payments promises to pay periodic installments for a stated certain period of time or for the life or lives of the person or persons specified in the contract.”
Wallace v. McFarland (In re) McFarland, 500 B.R. 279 (Bankr. S.D. Ga. 2013). “2d at 609 ; see also O.C.G.A. § 33-28-1(1) (“ ‘Annuity’ means a contract by which one party in return for a stipulated payment or payments promises to pay periodic installments for a stated certain period of time or for the life or lives of the person or persons specified in the…”
McFarland v. Wallace (In re McFarland), 557 B.R. 256 (S.D. Ga. 2016). “” O.C.G.A. § 33-28-1(1). Further, “[t]he relationship of an insurer and an ■ annuitant is not a fiduciary one.”
Wallace v. Meehan (In Re Meehan), 162 B.R. 367 (Bankr. S.D. Ga. 1993). “§ 47-2-1(26) and § 47-3-1(17) (pension); O.C.G.A. § 33-28-1(1) (annuity). 13 . 26 U.”
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