New South Wales Consolidated Acts

MORATORIUM ACT 1932 - SECT 18

18 Prescribed date for repayment

(1) Where by the terms of a mortgage to which this Part of this Act applies, the date fixed by the mortgage for payment of the principal sum secured is a date in the year one thousand nine hundred and fifty-two, such date shall be the prescribed date for repayment.

(2) Where by the terms of a mortgage to which this Part of this Act applies, the date fixed by the mortgage for payment of the principal sum secured is a specified day of any month in a year earlier than the year one thousand nine hundred and fifty-two, the prescribed date for repayment shall be the day of the month in the year one thousand nine hundred and fifty-two which corresponds to the specified day in such earlier year.

(3) The prescribed date for repayment of the principal sum secured by a mortgage to which this Part of this Act applies shall, if the principal sum:

(a) is payable on demand, or

(b) is by virtue of section twelve of this Act deemed to be payable immediately after the commencement of the Moratorium Act 1930 ,

by the twenty-eighth day of February, one thousand nine hundred and fifty-two.

(4) Where by the terms of a mortgage to which this Part of this Act applies the principal sum secured by the mortgage is payable only upon notice, notice in accordance with the mortgage may be given by the mortgagee at any time after the twenty-eighth day of February, one thousand nine hundred and fifty-two, and the date specified in that notice as the date fixed for payment shall for the purposes of this Part of this Act be deemed to be the prescribed date for repayment.

(5) Until the prescribed date for repayment, the rate of interest, and the intervals of time at which it is payable, shall be such rate and intervals as are prescribed by or fixed under this Part of this Act.

(6) In the case of a mortgage to which this Part of this Act applies and which provides for payment by instalments, the prescribed date for repayment of such part of any instalment as consists of principal, which would, apart from such Part have been due and payable on or before the twenty-eighth day of February, one thousand nine hundred and fifty-two, shall be determined in the same manner as if that instalment were the principal sum secured by a mortgage to which this Part of this Act applies; but nothing in such Part shall affect the date for payment of any instalment due and payable after the twenty-eighth day of February, one thousand nine hundred and fifty-two.

(7) Any party to such mortgage may apply to the court to determine how much of each such instalment is principal and how much interest, and the court shall so determine.

(8) Upon or after the prescribed date for repayment the mortgagee may exercise all his powers under the mortgage without leave of the court.

(9) Nothing in this section shall abridge the time which is ordered or allowed by any court, in pursuance of this Part of this Act, for payment of the principal sum secured by a mortgage.

(10) This section shall not apply to any lease of land containing an optional purchasing clause.