87All debts to stand in equal degree

87 All debts to stand in equal degree (1) In the administration of the estate of a deceased person, all the creditors of every description of that person shall, notwithstanding anything to the contrary contained in any law, be treated as standing in equal degree and be paid accordingly out of the assets of the deceased person. (2) In the administration of the estate of a deceased person, in respect of which representation is granted under this Act, no debt or liability of that person shall be entitled to any priority or preference by reason only that it is due to an executor or administrator of the (3) This Act shall not prejudice or affect any mortgage, lien, charge or other security which any creditor may hold or be entitled to for payment of his or her debt. (4) Nothing in this Act shall affect the provisions of any law protecting life assurance or other policies against creditors.