55Property of deceased person liable for debts

55 Property of deceased person liable for debts (1) The real and personal property of a deceased person, to the extent of his or her beneficial interest in it, and the real and personal property (if any) disposed of by the person's will (whether made before or after the commencement of this Act) in exercise of a general power, are assets for the payment of the funeral, testamentary and administrative expenses, the debts and the liabilities of the person. (2) If a person: (a) on whom a beneficial interest in any property referred to in subsection (1) devolves; (b) to whom such an interest is given; or (c) in whom such an interest vests, Administration and Probate Act 1969 18 disposes of the interest or of a part of the interest in good faith before a proceeding is taken or process is sued out against him or her, the person is personally liable for the value of the interest or part so disposed of by him or her, but the interest or part is not liable to be taken in execution in the proceedings or under the process.