Western Australian Consolidated Acts Western Australian Consolidated Acts And be it further
enacted, that from and after the passing of this Act, where any person being,
at the time of his death, a trader, within the true intent and meaning of the
laws relating to bankrupts, shall die seised of or entitled to any estate or
interest in lands, tenements, or hereditaments, or other real estate, which he
shall not by his last will have charged with or devised subject to or for the
payment of his debts, and which would be assets for the payment of his debts
due on any specialty in which the heirs were bound, the same shall be assets
to be administered in courts of equity for the payment of all the just debts
of such person, as well debts due on simple contract as on specialty; and that
the heir or heirs at law, devisee or devisees of such debtor, and the devisee
or devisees of such first-mentioned devisee or devisees, shall be liable to
all the same suits in equity, at the suit of any of the creditors of such
debtor, whether creditors by simple contract or by specialty, as they are
liable to at the suit of creditors by specialty in which the heirs were bound:
Provided always, that
in the administration of assets by courts of equity, under and by virtue of
this provision, all creditors by specialty, in which the heirs are bound,
shall be paid the full amount of the debts due to them before any of the
creditors by simple contract or by specialty, in which the heirs are not
bound, shall be paid any part of their demands.