New South Wales Consolidated Acts

PROBATE AND ADMINISTRATION ACT 1898 - SCHEDULE 3

SCHEDULE 3

(Section 46C)

Part 1 - Rules as to payment of debts and liabilities where the estate is insolvent

1

The funeral, testamentary, and administration expenses have priority.

2

Subject as aforesaid, the same rules shall prevail and be observed as to the respective rights of secured and unsecured creditors and as to debts and liabilities provable, and as to the valuation of annuities and future and contingent liabilities respectively, and as to the priorities of debts and liabilities as are in force at the death of the deceased person under the law of bankruptcy with respect to the assets of persons adjudged bankrupt.
In the application of such rules the date of the death of the deceased person shall be substituted for the date of the sequestration order.

Part 2 - Order of application of assets where the estate is solvent

1

Assets undisposed of by will, subject to the retention thereout of a fund sufficient to meet any pecuniary legacies.

2

Assets not specifically disposed of by will but included (either by a specific or general description) in a residuary gift, subject to the retention out of such property of a fund sufficient to meet any pecuniary legacies, so far as not provided for as aforesaid.

3

Assets specifically appropriated or disposed of by will (either by a specific or general description) for the payment of debts.

4

Assets charged with or disposed of by will (either by a specific or general description) subject to a charge for the payment of debts.

5

The fund, if any, retained to meet pecuniary legacies.

6

Assets specifically disposed of by will, rateably according to value.