New South Wales Consolidated Acts

MORATORIUM ACT 1932 - SECT 35

35 Construction of Moratorium Act 1930-1931

(1) Subsection seven of section twenty-five of the Moratorium Act shall be construed as if:

(a) the word “mortgagor” in the said subsection did not include:

(i) a person who has guaranteed the payment of any money notwithstanding that the payment of such money or the performance of such guarantee is secured by a mortgage as defined by the said Act, and

(ii) a lessee under a lease containing an optional or compulsory purchasing clause, and

(b) the words “the mortgaged property” in the said subsection meant any property real or personal held by or given to the mortgagee whether from or by the mortgagor or any other person as security for the moneys secured by the mortgage, and

(c) the expression “mortgage of real property” meant the same as “mortgage of land” in this Part of this Act.

(2) Subsection six of the said section of the Moratorium Act shall be construed as if the words “a contract of sale of real property” meant in any case in which land is not the whole of the subject-matter of the sale, a contract in which the land comprised is as at the date of the contract at least one-half in value of the property the subject-matter of the sale.

(3) Nothing in the said section of the Moratorium Act or in this Part of this Act contained shall be construed so as in any way to impair the rights, powers, or remedies of a mortgagee against a person who has guaranteed the payment of money notwithstanding that the payment of such money or the performance of such guarantee is secured by a mortgage of land.

(4) Nothing in the said section of the Moratorium Act contained shall be construed so as to affect the right of a purchaser under a contract for the sale and purchase of land, whether alone or together with other property, his executors, administrators, or assigns, to sue the vendor, his executors, administrators, or assigns, for the specific performance of such contract or for the repayment of any deposit or instalments of purchase-money paid by him or them under such contract.