Legal Definitions - specialty

Definition: Specialty refers to a unique property that is not easily marketable and has a specific value for condemnation purposes. It can also refer to a contract under seal or the doctrine of specialty.

• A church or cemetery is an example of specialty property. These properties have a specific value for condemnation purposes, which is determined by measuring their reproduction cost less any depreciation.
• A contract under seal is a specialty contract that is legally binding and enforceable. It is signed and sealed by the parties involved and has a higher level of legal validity than a regular contract.
• The doctrine of specialty is a legal principle that states that a creditor can only enforce a debt against a specific property that is named in the contract. This means that the creditor cannot go after any other assets of the debtor.

The examples illustrate how specialty can refer to different things in different contexts. In the case of specialty property, it refers to a unique type of property that has a specific value for condemnation purposes. In the case of a contract under seal, it refers to a legally binding and enforceable contract that has a higher level of legal validity. And in the case of the doctrine of specialty, it refers to a legal principle that limits the creditor's ability to enforce a debt.