Tontine

Phrases and Names Their Origins and Meanings · 1896 · p. 22

The name given to a system of reducing the State Loans in France in 1653 after Lorenzo Tonti, a Neapolitan protegé of Cardinal Mazarin, its projector. According to this system, when one subscriber dies, the money accredited to him pa es to the others, until the last survivor inherits the whole amount.