New South Wales Consolidated Acts

INTEREST REDUCTION ACT 1931 - SECT 10

10 Power of court where interest not readily ascertainable

(1) Where any person interested in a contract for the sale and purchase or the exchange of land, or for the sale of goods alleges that interest is included in any amount or amounts to be paid under the contract and that the rate of interest payable under the contract is not readily ascertainable, such person may in default of agreement apply to the court under this section.

(2) The application shall be by summons calling upon the respondent to show cause why the court should not make a declaration that interest is included in any amount or amounts payable under the contract, and ascertain the rate of interest so included.

(3) Upon the hearing the court may, if the applicant satisfies the court that interest is included in any amount or amounts payable under the contract, make a declaration accordingly, and may thereupon ascertain the rate of interest, and may by the same or a subsequent order make such adjustments of the amount or amounts payable under the contract as will give effect to the reduction of interest by this Act, or may make any order which it might have made under section seven.

(4) The court may direct that a memorandum of the order shall be entered on the contract.

(5) The provisions of subsections two, three, four, five, and seven of section seven of this Act shall apply mutatis mutandis to any application made under this section.
The provisions of subsections eight and nine of section seven of this Act shall apply mutatis mutandis to any order made under this section.