Administration and Probate Act 1969

section 57

PART I

Order of Application of Assets where the Estate is Solvent

1. Assets undisposed of by will, subject to the retention out of those assets 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 those assets of a fund sufficient to meet any pecuniary legacies which are not provided for out of the assets undisposed of by will.

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.

PART II

Rules as to Payment of Debts and Liabilities when the Estate is

Insolvent

1. The funeral, testamentary and administration expenses have priority.

2. Subject to the last preceding rule, the same rules shall prevail and be observed as to the respective rights of secured and unsecured creditors 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.

3. In the application of those rules, the date of the death of the deceased person shall be substituted for the date of the sequestration order.