New South Wales Consolidated Acts

MORATORIUM ACT 1932 - SECT 13A

13A Further provisions as to mortgagee in possession

(1) Where a mortgagee under a mortgage of land to which the provisions of this Part of this Act apply has, either before or after the commencement of the Moratorium (Amendment) Act 1936 , entered into possession of the mortgaged property or appointed a receiver thereof and has been paid or tendered by the mortgagor or any subsequent mortgagee, or has, out of the rents, profits or income of the mortgaged property, received an amount sufficient to discharge all interest due to him and to all prior mortgagees (if any) and all rates, taxes and other outgoings on or in respect of the mortgaged property properly paid by him, or, where a receiver has been appointed, such interest, rates, taxes and other outgoings have been discharged out of such rents, profits or income, the court may, on the application of the mortgagor or any subsequent mortgagee, order the mortgagee to deliver up possession to the applicant, or to determine the appointment of the receiver either absolutely or on such terms and conditions as it thinks fit.

(2) A mortgagee in possession of land comprised in any mortgage to him shall, on request in writing made by any subsequent mortgagee and on tender of a reasonable sum for the expenses of preparing the account, give to such subsequent mortgagee an account in writing verified by statutory declaration showing all rents, profits and income received by him and all moneys appropriated or paid by him for interest, rates, taxes or other outgoings on or in respect of the mortgaged property.
The court may, on the application of the person who requested the account, order the person who made the statutory declaration to attend before the court for cross-examination thereon.

(3) If such mortgagee neglects or refuses, within a reasonable time to give such account, the court may, on the application of the person who has requested such account, order such mortgagee to give to the applicant, within a time to be fixed by the order, such account.

(4) In this section "mortgagor" means the person entitled to the equity of redemption in the mortgaged land, or if the land comprised in the mortgage is under the provisions of the Real Property Act 1900 , has the same meaning as in that Act.