New South Wales Consolidated Acts

PROBATE AND ADMINISTRATION ACT 1898 - SECT 82

82 All debts to stand in equal degree, and retainer abolished

(1) In the administration of the estate of every person dying after the passing of this Act, all the creditors of every description of such person 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.

(2) In the administration of the estate of any person dying before or after the commencement of this Act, in respect of which probate or letters of administration is or are granted after such commencement, no debt or liability of such person shall be entitled to any priority or preference by reason only that it is due to an executor or administrator of such estate.

(3) This Act shall not prejudice or affect any mortgage, lien, charge, or other security which any creditor may hold or be entitled to for payment of the debt concerned.

(4) Nothing herein contained shall affect the provisions of any Acts protecting life assurance or other policies against creditors.