Specialty Debts - Definition - Law Dictionary Home Dictionary Definition specialty-debts

Definition :

Specialty debts, bonds mortgages, debts, secured by writing under seal, and recoverable at anytime within twenty years, by virtue of s. 3 of the (English) Civil Procedure Act, 1883 (3 & 4 Wm. 4, c. 42); they formerly ranked in the administration of the estate of a deceased person in priority to simple contract debts; but this distinction was abolished by the Administration of Estates Act, 1869, 'Hinde Palmer's Act,' replaced by the (English) Administration of Estates Act, 192, ss. 32 and 34.