- Where an instrument is executed to secure the payment of annuity or other sum payable periodically, [x x x] [Omitted by Act 12 of 1975 w.e.f. 1.5.1975] the amount secured by such instrument, [x x x] [Omitted by Act 12 of 1975 w.e.f. 1.5.1975] shall, for the purposes of this Act be deemed to be,-(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;(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 [x x x] [Omitted by Act 12 of 1975 w.e.f. 1.5.1975]-the total amount which, according to the terms of such instrument [x x x] [Omitted by Act 12 of 1975 w.e.f. 1.5.1975] will or may be payable during the period of twenty years calculated from the date on which the first payment becomes due; and(c)where the sum is payable for an indefinite time terminable with any life in being at the date of such instrument [x x x] [Omitted by Act 12 of 1975 w.e.f. 1.5.1975]-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.
