New South Wales Consolidated Acts New South Wales Consolidated Acts(cf Act No 48, 1930, s 2)
(1) In this Act, unless the context or subject-matter otherwise indicates or requires:
"Hire-purchase" includes a letting of goods with an option to purchase, and an agreement for the payment of the price of goods by instalments, whether such agreement describes such instalments as rent or hire or otherwise.
"Mortgage" means any deed, memorandum of mortgage, instrument, or agreement whereby security for payment of moneys or for the performance of any contract is granted over real or personal property in New South Wales or any interest therein, and includes an equitable mortgage by deposit of title deeds, and any document by which the duration of a mortgage is extended or by which any provision of the mortgage is varied, but shall not include:(a) any charge or lien existing solely by reason of a banker’s lien under the law merchant,(b) any charge or lien existing by virtue of any statute, deed of settlement, articles of association, or rules, over shares in a company or society incorporated by or under any statute, or by Royal Charter,(c) any preferable lien on crops or wool,(d) a hire-purchase agreement."Mortgage of land" means any mortgage where land in New South Wales forms the whole or part of the security.
"Mortgagor" includes any person entitled to redeem a mortgage or who has guaranteed the payment of any money the payment of which is secured by a mortgage or the performance of any covenant, condition, or agreement expressed or implied in a mortgage whether such guarantee is expressed in the mortgage or in any other instrument.
"Mortgagee" means the person entitled to the benefit of the security of any mortgage.
"Person who has guaranteed the payment of money" includes and shall be deemed always to have included a person who to the knowledge of the creditor at the time of incurring such liability has incurred a primary liability to the creditor to pay money to such creditor as surety for a third person.
"Prescribed date for repayment" means the date fixed by Part 2 of this Act as the date upon which the principal sum secured by a mortgage to which such Part applies shall be payable or repayable.
"The rate provided in the mortgage" means the rate of interest provided in the mortgage, or, where there is provided in the mortgage a reduced rate of interest in the case of punctual payment, or in any other contingency, the reduced rate.
(1A) A lessee from a mortgagor shall not be and shall be deemed never to have been, for the purposes of this Act or of any Act repealed by this Act, a person entitled to redeem the mortgage.
(2) This Act shall be read and construed so as not to exceed the legislative power of the State to the intent that where any provision of this Act or the application thereof to any person or circumstances is held invalid the remainder of this Act and the application thereof to other persons or circumstances shall not be affected.