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ADMINISTRATION AND PROBATE ACT 1919 - SECT 59

ADMINISTRATION AND PROBATE ACT 1919 - SECT 59

59—All specialty and simple contract debts of deceased persons to stand in equal degree

        (1)         In the administration of the estate of every person who has died on or after the first day of January, 1880, 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; 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.

        (2)         This section shall not prejudice or affect any bond, deed, or other instrument under seal given or executed before the coming into operation of Act No. 140 of 1879; but all such bonds, deeds, or other instruments shall be entitled to priority or preference, according to the law in force before the passing of such Act.

        (3)         This section shall not prejudice or affect any lien, charge, or other security which any creditor holds or is entitled to for the payment of his debt.