Specialty: Difference between revisions
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{{g}}A [[specialty]] is a written contract that has been [[Signed, sealed, delivered|executed under seal and delivered]] and is given as security for the payment of a specifically indicated [[debt]]. | {{g}}A [[specialty]] is a written contract that has been [[Signed, sealed, delivered|executed under seal and delivered]] and is given as security for the payment of a specifically indicated [[debt]]. | ||
A rather archaic expression, of some interest in that it is referred to in the Limitations Act 1980. The Limitation period for a [[specialty]] is 12 years, not the usual 6. | |||
===And the difference between a specialty and a [[deed]] is?=== | |||
A {{t|deed}} is not necessarily a {{t|contract}}, and is not supported by [[consideration]]. An individual can create binding obligations upon herself by [[deed]] without there even being a counterparty and, therefore, without [[consideration]]. It has to be signed, sealed and delivered though. A specialty is type of {{t|contract}}; it is supported by [[consideration]], but like a deed is [[Signed, sealed, delivered|signed, sealed and delivered]]. | |||
The two do overlap, though. | |||
===Odd spot=== | |||
The fact that [[specialties]] benefit from a longer [[limitation period]] is just one good reason a [[Repackaging programme|repackaging programme]] includes a separate {{repackprov|covenant to pay}} to the [[security trustee]]. Though this is somewhat cut across by the prescription condition under which any claims not presented within five years are void. | |||
{{sa}} | |||
*[[Limitation Act 1980]] | |||
*{{repackprov|Covenant to pay}} | |||
Latest revision as of 09:39, 21 September 2023
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A specialty is a written contract that has been executed under seal and delivered and is given as security for the payment of a specifically indicated debt.
A rather archaic expression, of some interest in that it is referred to in the Limitations Act 1980. The Limitation period for a specialty is 12 years, not the usual 6.
And the difference between a specialty and a deed is?
A deed is not necessarily a contract, and is not supported by consideration. An individual can create binding obligations upon herself by deed without there even being a counterparty and, therefore, without consideration. It has to be signed, sealed and delivered though. A specialty is type of contract; it is supported by consideration, but like a deed is signed, sealed and delivered.
The two do overlap, though.
Odd spot
The fact that specialties benefit from a longer limitation period is just one good reason a repackaging programme includes a separate covenant to pay to the security trustee. Though this is somewhat cut across by the prescription condition under which any claims not presented within five years are void.