Victorian Current Acts Victorian Current Acts(1) In the administration of the estate of any person 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 law to the contrary notwithstanding: Provided that this Part shall not prejudice or affect any lien charge or other security which any creditor may hold or be entitled to for payment of his debt.
(2) In the administration of the estate of any person debts of record whether of record in the lifetime of such person or obtained against his executor or administrator for debts incurred by the deceased shall rank in the same degree as if they were specialty or simple contract debts.
(3) Every person who has obtained or obtains probate of the will or administration of the estate of a deceased person shall pay all and singular the just debts of such deceased person in due course of administration rateably and proportionably and according to the priority required by law but without preferring his own debt by reason of his having obtained such probate or administration.
S. 37 amended by Nos 7332
s. 2(Sch. 1 item 3), 74/2000 s. 3(Sch. 1 item 3.2).