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Specialty debt

A debt which is not barred until twelve years have elapsed, e.g. a dividend or a call on shares.

A debt created by deed or instrument under seal. The distinction between a speciality debt and one founded on simple contract can be important as there are different limitation periods for bringing actions in relation to specialty debts and simple contractual debts. A debt created by a simple contract remains so even if security for that debt has been created by deed because the security is merely collateral to the debt and does not itself create the debt (Barclays Bank v Beck (1952) 2 QB 47).

Reference: The Penguin Business Dictionary, 3rd edt.