New South Wales Consolidated Acts

MORATORIUM ACT 1932 - SECT 17

17 Agreements for sale and purchase of land

(1) Notwithstanding anything contained in this Part of this Act if the purchaser of any land under an agreement for the sale and purchase of land existing at the commencement of this Act and to which this Part of this Act applies:

(a) is or becomes in default for a period of two years in payment of any rates and taxes or in payment to the vendor of any moneys (other than principal of the purchase money) due and payable by him under the agreement, or

(b) is or becomes in default under any provision in the agreement express or implied for the insurance, maintenance or cultivation of the land the subject of the agreement, or the payment of charges thereon, including in the case of land held under the Crown Lands Consolidation Act 1913 , the Retuned Soldiers Settlement Act 1916 , or the Closer Settlement Acts, the payments due to the Crown thereon or the doing of any act for the preservation of the said land,

the vendor may serve by registered post on the purchaser (and in any case in which the vendor has notice of an assignment of the whole or any part of the purchaser’s interest in the agreement on the assignee) addressed to his last-known place of address a notice intimating that he proposes after the expiration of a period of one month from the date when, in the ordinary course of post, the notice should be delivered to the purchaser or assignee, to exercise any or all of his rights under the agreement:
Provided, however, that if any suspension or deferment of any such payment shall have been made under the provisions of any of the aforesaid Acts, the purchaser shall not during the operation of any such suspension or deferment be deemed to be in default in respect of such payment.

(2) After the expiration of the period of one month specified in subsection one of this section the vendor may, unless the court upon application made by the purchaser or assignee within the period so specified otherwise directs, exercise any or all of his rights under the agreement as if the provisions of this Part of this Act had not been extended and applied to the agreement.
Upon application being made under this subsection, the vendor shall not be entitled to exercise any of his rights under the agreement until such application has been heard and a decision given thereon.

(3) In this section the word "vendor" includes the vendor, his executors, administrators, and assigns, and the word "purchaser" includes his executors or administrators.