Special-Contract Debt Law and Legal Definition
Special-contract debt is a debt due, or acknowledged to be due, by an instrument under seal. Such instrument shall include a deed of covenant or sale, a lease reserving rent, or a bond. A special-contract debt is also termed as a debt by special contract, debt by specialty contract, or specialty debt. Any contract whereby a determinate amount becomes due to any person is not paid but remains in action merely, is called a contract of debt. This comprehends a great variety of acquisition, being usually divided into debts of record, debts by special, and debts by simple contract.
