Valuation in case of annuity, etc

Where an instrument is executed to secure the payment of annuity or other sum payable periodically, 1[x x x]1 the amount secured by such instrument, 1[x x x]1 shall, for the purposes of this Act be deemed to be,

¹ Omitted by Act 12 of 1975 w.e.f. 1.5.1975.

1. (a) where the sum is payable for a definite period so that the total amount to be paid can be previously ascertained—such total amount;
2. (b) where the sum is payable in perpetuity or for an indefinite time not terminable with any life in being at the date of such instrument 1[x x x]1-the total amount which, according to the terms of such instrument 1[x x x]1 will or may be payable during the period of twenty years calculated from the date on which the first payment becomes due; and
3. (c) where the sum is payable for an indefinite time terminable with any life in being at the date of such instrument 1[x x x]1—the maximum amount which will or may be payable as aforesaid during the period of twelve years calculated from the date on which the first payment becomes due.

¹ Omitted by Act 12 of 1975 w.e.f. 1.5.1975.

¹ Omitted by Act 12 of 1975 w.e.f. 1.5.1975.