MORATORIUM ACT.
Act No. 48, 1930.
An Act to make provision for a moratorium; to restrict temporarily certain of the rights possessed by mortgagees, vendors, and others; and for purposes connected there- with. [Assented to, 19th December, 1930.]
BE it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis lative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows .—
PART I.
PRELIMINARY.
1. This Act may be cited as the " Moratorium Act,
1930," and is divided into Parts as follows : —
" Hire-purchase agreement " includes a letting of goods with an option to purchase, and an agree ment for the payment of goods by instalments, whether such agreement describes such instal ments as rent or hire or otherwise. "Mortgage "
P A R T I.—PRELIMINARY 1 . P A R T II.—MORATORIUM. P A R T III .—MISCELLANEOUS.
2. In this Act, unless the context or subject-matter otherwise indicates or requires,—
" Mor tgage" means any deed, memorandum of mortgage, instrument, or agreement whereby security for payment of moneys or for the per formance of any contract is granted over land or chattels or any interest therein respectively, and includes an equitable mortgage by deposit of title deeds, and any document by which the duration of a mortgage is extended.
" Mortgagor " means the person liable under the provisions of a mortgage or entitled to redeem a mortgage, and includes any person who has- guaranteed the payment of any money the pay ment of which is secured by a mortgage or the performance by the mortgagor of any covenant, condition, or agreement expressed or implied in the mortgage, whether such guarantee is expressed in the mortgage or in any other instrument.
" M o r t g a g e e " means the person entitled to the benefit of the security of any mortgage.
" Prescribed date for repayment" means the date fixed by this Act as the date upon which the principal sum secured by a mortgage or agree ment to which this Act applies shall be repayable.
" Prescribed month for repayment" means the month in which the prescribed date for repay ment occurs.
" T h e Cour t " means a district court, or a court of
petty sessions holden before a stipendiary or
police magistrate.
" 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, the reduced rate, and shall not in any case be construed to refer to any increased rate of interest stipulated to be paid in any contingency.
P A R T
P A R T I I . MORATORIUM.
3. (1) This Act shall not bind the Crown nor shall it bind any statutory body representing the…