Also 5 -uitee, -ywyte, 5–6 -ytie, 6 anuyte. [a. Fr. annuité:—med.L. annuitāt-em, f. annu-us yearly: see -ITY.]
1. A yearly grant, allowance or income.
a. 1420. Occleve, De Reg. Princ., 821. Hathe to me grauntede an annuitee Of twenty mark, while that I have lives space.
1473. Sir J. Paston, in Lett., 732, III. 102. I praye yow doo for Berneye … that he maye be in sewerte for hys annywyte.
1628. Earle, Microcosm., xi. 25. If his annuity stretch so far, he is sent to the University.
1711. Addison, Spect., No. 317, ¶ 3. He had for several years last past lived altogether upon a moderate Annuity.
1838. Dickens, Nich. Nick. (C. D. ed.), x. 75. A decent annuity would have restored her thoughts to their old train.
† b. fig. Obs. rare.
1636. Rutherford, Lett., 70 (1862), I. 182. I think the very annuity and casualties of the Cross of Christ … better than the world’s set-rent.
2. Law. The grant of an annual sum of money, for a term of years, for life, or in perpetuity; which differs from a rentcharge in being primarily chargeable upon the grantor’s person, and his heirs if named, not upon specific land.
1439. E. E. Wills (1882), 122. That she claime no tenementes nor annuities wich he hath graunted to eny of his seruantez.
1502. Arnold, Chron. (1811), 180. Grauntis of rentis charges and anuyte made by you [i.e., the King] … for terme of lyf or termes of yeres.
1558. Wills & Invent. N. C. (1835), 161. He shall haue one annuytie of sex poundes thirtene shillings and fourpence by yere duringe his naturall life to be taken fourthe of my lands of Ayslabie.
1632. Massinger, City Madam, I. ii. Lands … not encumbered, no annuity Or statute lying on them.
1809. Tomlins, Law Dict., s.v., An annuity granted by a bishop, with confirmation of dean and chapter, shall bind the successor of the bishop.
3. An investment of money, whereby the investor becomes entitled to receive a series of equal annual payments, which, except in the case of perpetual annuities, includes the ultimate return of both principal and interest; also, the annual (or, for convenience, quarterly) payment thus made.
In life annuities the payments cease at the death of the investor; in terminable annuities after a specified number of years; in perpetual annuities (such as government stock) only on repayment of the principal; in immediate annuities they commence at the end of the first interval of payment (year, quarter) after the investment, in deferred or reversionary annuities not till some considerable time has elapsed, or some specified event has taken place.
1693. Halley, in Phil. Trans., XVII. 602. On this depends the Valuation of Annuities upon Lives.
1709. Lond. Gaz., mmmmdlxxvi/3. Lost five Annuity Orders … for 100l. per Annum.
1776. Adam Smith, W. N., I. II. ii. 321. The Bank [of England] pays the greater part of the annuities due to the creditors of the public.
1834. Ht. Martineau, Farrers, iv. 70. The money should be raised on terminable annuities.
1845. Stephen, Comm. Laws Eng. (1868), II. 612. The form of the security held by the public creditors, in respect of the funded debt, is that of annuities … granted for the most part in perpetuity.
1882. A. Wilson, Nat. Budget, 35. This annuity [consolidated 3 per cent. stock] was first created in 1751 to consolidate a variety of petty annuities; hence its name.
