Debts of Deceased Persons Act (1881 No 14a) (NSW)

No. II.

A i l Act to abolish the distinction as to priority

of payment which now exists between the

specialty and simple contract Debts of

Deceased Persons. [18th August, 1881.]

WH E R E A S it is expedient to abolish the distinction as to priority deceased persons B e it therefore enacted b y the Queen's Mos t

of payment between specialty and simple contract debts of

Exce l len t Majesty b y and with the advice and consent of the Legis­ lative Counci l and Legislative Assembly of N e w South Wales in Parliament assembled and b y the authority of the same as fol lows : —

1. I n the administration o f the estate of every person w h o shall

die on or after the date of the passing o f this A c t no debt or liability

of such person shall be entitled to any priority or preference b y reason
merely that the same is secured by or arises under a bond deed or other instrument under seal or is otherwise made or constituted a specialty debt but all the creditors of such person as well specialty as simple contract shall be treated as standing in equal degree and be paid accordingly out of the assets of such deceased person whether such assets are legal or equitable any statute or other law to the contrary notwithstanding Provided always that this A c t shall not prejudice or affect any lien mortgage charge or other security which any creditor may hold or be entitled to for the payment of his debt.

2. This A c t shall be styled and may be ci ted as the " Debts of

Deceased Persons A c t . "

N o . I I I .