Specialty Debts - Law Dictionary Search Results
Home Dictionary Name: specialty debtsSpecialty debts
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....
Crown debts
Crown debts. It is a prerogative of the Crownto claim priority for its debts before all other creditors, and to recover them by a summary process called an extent. See 33 Hen. 8, c. 39.Every person having money belonging to the Crown is a Crown-debtor. When upon in quisition a personis found to be a Crown-debtor by simple contract, the debt immediately becomes a specialty; but a person givien to the Crown a bond on condition is not a bond-debtor before the condition is broken.S. 28(1) of the Bankruptcy Act, 1914, provides that an order of discharge shall not release a bankrupt from his Crown debts.It is provided by the (English) Land Chargs Act, 1900 (63 & 64 Vict. c. 26), replaced by the Land Charges Act,1925, ss. 6 and 7, and see also the Law of Property Act, 1925, that Crown debts shall not affectlands until writ or ordr for the purpose of enforcing the judgment has been issued and registered. See Chitty's Statutes, tit. 'Land,' and titles EXTENT; PREFERENTIAL PAYMENTS....
Record, Debts of
Record, Debts of, those which appear to be due by the evidence of a Court of record, such as a judgment, recognizance, etc. Since 1st January, 1870, all specialty and simple contract debts of deceased persons stand in equal degree in the administration of the estate of any one deceased. [Administration of Estates Act, 1869 (32 & 33 Vict. c. 46]...
Rent
Rent [fr. reditus Lat.], a certain profit issuing yearly out of lands and tenements corporeal; it may be regarded as of a two fold nature--first, as some-thing issuing out of the land, as a compensation for the possession during the term; and secondly, as an acknowledgment made by the tenant to the lord of his fealty or tenure. It must always be a profit, yet there is no necessity that it should be, as it usually is, a sum of money; for spurs, capons, horses, corn, and other matters, may be, and occasionally are, rendered by way of rent; it may also consist in services or manual operations, as to plough so many acres of ground and the like; which services, in the eye of the law, are profits. The profit must be certain, or that which may be reduced to a certainty by either party; it must issue yearly, though it may be reserved every second, third, or fourth year; it must issue out of the thing granted, and not be part of the land or the thing itself.Consideration paid, usu. periodically...
Retainer of debts
Retainer of debts. An executor or administrator (not being a creditor-administrator, who is now precluded from retaining by the form of the administration bond) has a legal right to retain his own debt out of the legal or equitable [(English) Administration of Estates Act, 1925, s. 34 (2)] assets in priority to all other creditors of equal degree, and before the costs of all parties, including the plaintiff (see EXECUTOR). The right is not affected by a judgment for administration [Re Barrett, (1889) 43 Ch D 70], nor by payment in to Court, Richmond v. White, (1879) 12 Ch D 361; but it cannot be exercised by a bankrupt administrator, Wilson v. Wilson, (1911) 1 KB 327. Since the (English) Administration of Estates Act, 1869, the right may be exercised against specialty as well as simple contract creditors [Re Hariss, (1914) 2 Ch 395]. Consult Williams or Ingpen on Executors; Seton on Judgments, 7th Edn., p. 1466....
Simple contract
Simple contract, a contract made either verbally or in writing but not under seal. See Addison, Chitty, Leake, or Pollock on Contracts.Before 1870 simple contract debts were, in the administration of the estate of a deceased person, postponed to debts secured by instrument under seal, called 'specialty debts,' but all such priority was abolished by the Administration of Estates Act, 1869, s. 1, replaced by A.E. Act, 1925, s. 32. See also LIMITATION....
Priority
Priority, an antiquity of tenure in comparison with another less ancient; also that which is before another in order of time.As to priority among creditors, see (English) Admin-istration of Estates Act, 1869, reproduced by ss. 32 to 34, (English) Administration of Estates Act, 1925, and the First Sch., which provides that in the administration of the estate of any person who shall die on or after 1st January, 1870, no debt or liability of such person shall be entitled to any priority or preference by 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.The priority in legal and equitable assignments of equitable choses in action are determined accord-ing to the date of receipt of notice by the persons who are for the time being owners of the legal interest in the property assigned. Before 1926 the notice might be verbal; after 1926 it must, for the purposes of establishing priority a...
specialty
specialty pl: -ties 1 from the special form of the contract : formal contract at contract 2 : a doctrine providing that a person extradited can be prosecuted only for the charges described in the order for extradition 3 : real property (as a parcel of land or esp. a structure) that is of such specialized character that no market for it exists and for which value upon condemnation is determined by the cost of reproduction less depreciation used esp. in New York ...
Specialty
Specialty, a contract by deed....
Debt
Debt [fr. debitum, Lat.], a sum of money due from one person to another. An action of debt lay where a person claimed the recovery of a liquidated or certain sum of money affirmed to be due to him; and it was generally founded on some contract alleged to have taken place between the parties, or on some matter of fact from which the law would imply a contract between them. This was debt in the debet, which was the principal and only common form. There is another species mentioned in the books, called debt in the detinet, which lay for the specific recovery of goods, under a contract to deliver them. An action of debt as a technical term is now obsolete. See PLEADINGS. The order of the payment of debts and expenses out of legal assets in an ordinary administration action in the Chancery Division of the High Court is as follows:-1. Funeral expenses, which in the case of an insolvent estate must be strictly reasonable and necessary only, the executor or administrator being personally liabl...
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial