Commentary

I9.423 Specialty debts

IHT, trusts and estates

I9.423 Specialty debts

I9.423 Specialty debts

General rule

The general common law rule of English law is that a debt due on a deed or other specialty1 is situated where the deed is situated at the relevant time2 and its situs does not depend on the residence of the debtor. This rule originates from the principle of ecclesiastical law that debts created under seal have an independent existence. It applies to life policies and debentures under seal3, corporation mortgages issued by local authorities under seal, and Northern Irish Land Bonds4, but not to share certificates5. Corporation mortgages should not be confused with corporation

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