(1) If an obligor on a life annuity neglects to pay the periodical payments or fails to perform any of his or her other duties after he or she has received the principal of the annuity, the obligee on a life annuity may demand the return of such principal; provided, in such case, the obligee shall return to the obligor the balance, after interest on the principal sum has been deducted from the periodical payments already received by him or her.
(2) The provisions of paragraph (1) shall not preclude any claim for damages.