South Australian Current Acts South Australian Current Acts59—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.