Section 39Part 0 —
Priority of specialty debts abolished
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In the administration of the estate of any person no debt or liability of such person shall be entitled to priority or preference by reason merely that the same is secured by or arises under a bond, deed or other instrument under seal, or is otherwise made or constituted a specialty debt; but all creditors of such person, as well specialty as simple contract, shall be treated as standing in equal degree, and be paid accordingly out of the assets of such person, whether such assets are legal or equitable, any statute or other law notwithstanding: Provided that this section shall not prejudice or affect any lien, charge or other security which any creditor may hold or be entitled to for the payment of that person’s debt.