Specialty

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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.

See also

• Limitation Act 1980
• Covenant to pay