This Act provides that houses, lands and other hereditaments, and real estate in Bermuda and belonging to an indebted person, shall be liable to and chargeable with all established debts, duties and demands of what nature or kind soever, owing by such person to the State or any private person. The real estate may be used for the satisfaction of debts and shall be subject to remedies, proceedings and process, in any court in Bermuda, for seizing, extending, selling or disposing of such real estate, towards the satisfaction of debts, duties and demands.
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Bermuda was first settled in 1609 by shipwrecked English colonists heading for Virginia. Self-governing since 1620, Bermuda is the oldest and most populous of the British overseas territories. Vacationing to the island to escape North American winters first developed in Victorian times. Tourism continues to be important to the island's economy, although international business has overtaken it in recent years. Bermuda has also developed into a highly successful offshore financial center. A referendum on independence from the UK was soundly defeated in 1995.
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