Moratorium Act 1932

This Act may be cited as the Moratorium Act 1932.

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—

any charge or lien existing solely by reason of a banker’s lien under the law merchant,

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,

any preferable lien on crops or wool,

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.

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.

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.

The Moratorium Act 1930–1931, and sections two and four of the Moratorium and Interest Reduction (Amendment) Act 1931, are hereby repealed.

All regulations made under the Moratorium Act 1930, or any amendment thereof and in force at the commencement of this Act shall, to the extent to which they are not inconsistent with this Act, continue in force until repealed or replaced by regulations under this Act.

The repeal enacted by this section shall not, unless the contrary intention in this Act appears, affect—

any right accrued or obligation incurred before the commencement of this Act under any enactment so repealed,

any action or proceeding pending or uncompleted at the commencement of this Act.

Every such action or proceeding may be carried on and completed as if such repeal had not been enacted.

Nothing in the last preceding two subsections contained shall limit any saving in the Interpretation Act of 1897.

The repeal enacted by this section shall not, nor shall any provision of this Act operate to increase the rate at which immediately prior to the commencement of this Act interest may be lawfully charged under any mortgage.

This Act shall not bind the Crown or any statutory body representing the Crown except—

in respect of mortgages held for advances made under the Returned Soldiers Settlement Act 1916, as amended by subsequent Acts,

the Commissioners of the Government Savings Bank of New South Wales in respect of mortgages held by the Rural Bank Department, Advances for Homes Department, and Government Housing Department other than mortgages given or executed between the eighteenth day of December, one thousand nine hundred and thirty, and the commencement of this Act.

In this section the expression statutory body representing the Crown includes every statutory body representing the Crown in right of the Commonwealth (including the Commonwealth Bank of Australia and the Commonwealth Savings Bank of Australia), the Sydney Harbour Trust Commissioners, the Transport Commissioners of New South Wales, and any public body which the Governor may by proclamation published in the Gazette declare to be a statutory body representing the Crown.

This Act shall not apply to—

any mortgage to secure the repayment of a loan to one of its members by a building society registered under or included in the Second Schedule to the Co-operation Act 1923–1931, or registered under the Permanent Building Societies Act 1967, or

any mortgage to secure the repayment of a loan granted by a registered friendly society to one of its members or to a person who is not a member of the society, if the Minister, by notice in writing, declares that the mortgage is one or one of a class specified by him to which it is undesirable that this Act should apply.

Section 2 of the Moratorium (Amendment) Act 1968 continues in force despite the repeal of that Act by the Statute Law (Miscellaneous Provisions) Act (No 2) 2003.

This section shall apply to—

any mortgage to the Crown, a Minister, or a statutory body representing the Crown, held for advances made under the Returned Soldiers Settlement Act 1916, as amended by subsequent Acts,

any mortgage to the Commissioners of the Government Savings Bank of New South Wales, held in respect of the Rural Bank Department, Advances for Homes Department, or Government Housing Department.

A mortgagee under any such mortgage shall not exercise any of the rights, powers, or remedies against the mortgagor or the mortgaged property for the recovery of the moneys secured by the mortgage or for the enforcement or realisation of the security expressly or impliedly given to him by the mortgage, other than rights, powers, or remedies which may be exercised in accordance with this Part by a mortgagee without the leave of the court, unless he first gives not less than one month’s notice of his intention so to do to the mortgagor.

Provided that where a mortgagor has by instrument inter vivos disposed of the whole of his estate or interest in any mortgaged property it shall not be necessary, nor shall it be deemed ever to have been necessary, to give any such notice to such mortgagor.

Provided further that in the case of a mortgage of land it shall not be necessary, nor shall it be deemed ever to have been necessary, to give notice to any person whose interest in the land was created by an instrument which is not registered either under the Registration of Deeds Act 1897, or the Real Property Act 1900, but this proviso shall not apply where the person whose interest is so unregistered is the original mortgagor or his personal representative or where such person is in possession of the land or where the mortgagee has express notice of the interest of such person.

Any mortgagor who has been given any such notice may apply to the court for an order under this section.

The mortgagee on receiving notice of such application shall not exercise the right, power, or remedy the subject-matter of the notice given by him until such application has been heard and determined.

On any such application the court may make such order as to the exercise by the mortgagee of his rights, powers, and remedies under the mortgage or as to the suspension thereof, and on such terms and conditions as under all the circumstances of the case it thinks fit.

In dealing with an application under this section the court shall consider—

whether by reason of the wasting nature of the security or of the absence of a sufficient margin between the amount of the debt and the value of the security the mortgagee is likely to be prejudiced by the granting of the application,

whether the mortgagor is able to perform any or all of the covenants contained in or implied by the mortgage,

whether the conduct of the mortgagor in respect of the breach by him of any covenant contained in the mortgage, or in respect of any dealing with the mortgagee has been such as to render him undeserving of the benefit of an order,

whether the refusal of an order would inflict great hardship on the mortgagor,

whether the default of the mortgagor has been caused or contributed to by economic or financial conditions affecting trade or industry in the State,

whether the granting of the application would be reasonably likely to enable the mortgagor, having regard to his circumstances and the economic and financial conditions aforesaid, to meet his liabilities under the mortgage within a reasonable time.

On any such application the court may by order declare that the provisions of this Part, or such of those provisions as may be specified in the order, shall apply to the mortgage in respect of which the application was made.

Unless the court makes an order under this subsection the provisions of this Part of this Act, other than this section, shall not apply to any of the mortgages specified in subsection one of this section.

A mortgagor entitled to the benefit and protection of this section may consent to the exercise by the mortgagee of all or any of his rights, powers, and remedies, but such consent shall not take away the necessity of giving the notice required by subsection two of this section unless the consent is in writing and witnessed by one of the persons mentioned in section thirty-seven of this Act.

Any such consent may be given to a particular exercise of any right, power, or remedy, or generally and whether or not any default has been made under the mortgage.

Any such mortgage as is referred to in subsection one of this section executed after the commencement of this Act shall not be subject to any provision of this Act.

In this section mortgage includes an agreement for the sale and purchase of land.

The Supreme Court may on the application of the mortgagee under a mortgage to secure a fluctuating advance with a limit exceeding six thousand dollars, whether such mortgage shall have been executed before or after the commencement of the Moratorium Act 1930, or of this Act, order that some or all of the provisions of this Part of this Act shall not apply to such mortgage.

On any such application the court shall consider—

whether by reason of the wasting nature of the security the mortgagee is likely to be prejudiced by a refusal of the application,

whether the mortgagor is able to perform all or any of the covenants contained in or implied by the mortgage,

whether the conduct of the mortgagor whether in regard to the mortgagee or the mortgaged property or otherwise has been such as to render him undeserving of relief,

whether the granting of such an order would inflict great hardship on the mortgagor or would seriously affect his ability to carry on his business,

whether the refusal of the application would be reasonably likely to enable the mortgagor having regard to his circumstances and the economic conditions affecting trade or industry in the State to meet his liabilities under the mortgage within a reasonable time,

and may make such order as to the exercise by the mortgagee of his rights, powers and remedies under the mortgage or any of them or as to the suspension thereof and on such terms and conditions as under all the circumstances of the case the court thinks fit.

This section shall not extend to any mortgage which is by section eight of this Act excluded from the operation of this Part of this Act.

This Part of this Act shall not apply to—

a mortgage, or an agreement for the sale and purchase of land, or a lease containing an optional or compulsory purchasing clause which was executed between the nineteenth day of December, one thousand nine hundred and thirty, and the first day of October, one thousand nine hundred and thirty-one (both inclusive), if the mortgage, agreement, or lease contains a covenant or condition expressly excluding the provisions of the Moratorium Act 1930, and such covenant or condition has not been declared void in pursuance of subsection three of section thirteen of the Moratorium Act 1930–1931,

a mortgage or an agreement for the sale and purchase of land, or a lease containing an optional or compulsory purchasing clause which was executed between the second day of October, one thousand nine hundred and thirty-one, and the day prior to the date of commencement of this Act (both inclusive), if such mortgage, agreement, or lease contains a covenant or condition expressly excluding the provisions of the Moratorium Act 1930–1931, and has been witnessed and certified in the manner required by section ten of the said Act,

a mortgage or an agreement for the sale and purchase of land, whether executed before or after the commencement of the Moratorium Act 1930, and subsequently varied after the commencement of the said Act and before the commencement of this Act by a memorandum executed before the commencement of this Act, if such memorandum contains a condition or covenant expressly excluding the provisions of the Moratorium Act then in force, and if such memorandum was executed with such formalities, if any, as were required by the Moratorium Act, in force at the date of execution of the memorandum,

a mortgage executed on or after the date of commencement of this Act, if such mortgage contains a condition or covenant expressly excluding the provisions of this act,

a guarantee whether executed before or after the commencement of this Act if such guarantee contains a covenant or condition excluding the provisions of this Act or of any enactment hereby repealed,

any mortgage, whether executed before or after the commencement of this Act, which is extended or otherwise varied by an instrument executed after such commencement if such instrument contains a condition or covenant expressly excluding the provisions of this Act in relation to such mortgage,

any mortgage, whether executed before or after the commencement of this Act, which secures the performance by a guarantor of his obligations under a contract of guarantee made after the commencement of this Act if such contract of guarantee contains a condition or covenant expressly excluding the provisions of this Act in respect of such mortgage,

any mortgage executed before the commencement of this Act whereby further advances or further credits are secured as regards advances made or credits provided or given after the commencement of this Act,

any agreement for the sale and purchase of land or lease executed on or after the date of commencement of this Act,

any lease containing an optional purchasing clause, if the court or the Minister upon application in that behalf under any Act hereby repealed has made a declaration that the lessee had no bona fide intention of exercising the option to purchase,

any agreement for the sale and purchase of leasehold interests in land with or without other personal estate, whether such agreement was entered into before or after the twenty-sixth day of November, one thousand nine hundred and thirty; but this provision shall not extend so as to exclude from the provisions of this Part of this Act agreements for the sale and purchase of land partly freehold and partly leasehold, or of a holding consisting of any leasehold held under any Act relating to the alienation of Crown lands or lands subject to the right of conversion into freehold,

any lease of land containing an optional purchasing clause by the terms of which the last date for the exercise of the option is a date later than the thirty-first day of December, one thousand nine hundred and thirty-two.

A mortgagee shall not without leave of the court exercise any of the rights, powers, or remedies expressly or impliedly given to him by the mortgage against the mortgagor or the mortgaged property for the recovery of the moneys secured by the mortgage or for the enforcement or realisation of the security.

On any application under subsection one of this section founded upon default in the payment of interest, or of any rate, tax, or charge, the court shall have power to make such order as it thinks proper under the circumstances although such interest, rate, tax, or charge may not be in arrears for the period appropriate to the case mentioned in paragraph (a) or paragraph (b) of subsection two of this section.

Provided that nothing contained in this section or in any enactment by this Act repealed shall prevent the mortgagee—

from making any demand or giving any notice for payment of any moneys secured by the mortgage,

from bringing any action for debt or damages or suit or other proceeding for an injunction in the case of a breach of any covenant, agreement, or condition in the mortgage expressed or implied—

securing to the mortgagee some collateral benefit,

in the nature of a covenant for title,

in the nature of a restrictive covenant,

from recovering by action the price of goods supplied or moneys payable for services rendered by a mortgagee to a mortgagor notwithstanding that the payment of such price or moneys may be secured by a mortgage,

in the case of a mortgage of leasehold premises or of licensed premises within the meaning of the Liquor Act 2007, from exercising any right, power, or remedy given to the mortgagee on the happening of any event whereby the lease may be forfeited or the licence endangered.

Nothing contained in this section or in any enactment by this Act repealed shall preclude the mortgagee from entering into possession or taking proceedings to obtain possession or appointing a receiver of the mortgaged property in any of the following cases—

where interest is or continues to be unpaid—

in the case of a mortgage of land occupied by the mortgagor for any grazing, dairying, poultry farming, viticultural orcharding, beekeeping or horticultural purpose or for the growing of crops of any kind or for vegetable growing or for any purpose declared by the Governor to be an agricultural purpose for the purposes of the Agricultural Lessees Relief Act 1931—for a period of two years,

in the case of a mortgage of any other land occupied by the mortgagor as his home—for the period of two years,

in the case of any other mortgage to which this Act applies—for the period of two years

after the same becomes payable—

Provided that where the terms of the mortgage provide for the capitalisation of interest, the date at which by such terms a rest may be taken shall for the purposes of this paragraph be regarded as the date upon which the interest becomes payable,

Provided further that where on or after such date any unpaid interest has been or shall be capitalised in accordance with the terms of the mortgage, such interest shall not, for the purposes of this subsection, be, by reason of such capitalisation, deemed to have been or to be paid.

where the mortgagor is or continues to be in default for a period of not less than two years under the provisions of any covenant or agreement in the mortgage expressed or implied for the payment of rates, taxes or other charges on or in respect of the mortgaged property,

where the mortgagor is in default under the provisions of any covenant, agreement, or condition in the mortgage expressed or implied for the insurance, maintenance, or cultivation of the mortgaged property, or in the case of lands held under the Crown Land Consolidation Act 1913, the Returned Soldiers Settlement Act 1916, or the Closer Settlement Acts, for the payment of moneys due to the Crown thereon, or for the doing of any act for the preservation of the security—

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 mortgagor shall not, during the operation of any such suspension or deferment, be deemed to be in default in respect of such payment.

where the mortgagor has abandoned possession of the mortgaged property,

where a sequestration order has been or is made against the mortgagor,

where the mortgagor has executed or executes a deed of assignment or of arrangement under the provisions of any bankruptcy law for the time being in force,

where an order has been or is made, or a resolution has been or is passed, for the winding-up of the mortgagor being a company,

where the mortgagor being deceased and his estate insolvent, the same is being administered by or under the direction of any court,

but the court may, on the application of the mortgagor made within three months after the mortgagee has entered into possession or appointed a receiver, order the mortgagee to vacate possession or determine the appointment of the receiver either absolutely or on such terms or conditions as it thinks fit.

Unless the court otherwise orders no such order shall prevent the mortgagee from entering into possession or taking proceedings to obtain possession or appointing a receiver on the commission or omission by the mortgagor subsequently to the order of any act or thing entitling the mortgagee under the provisions of this subsection so to do.

Where the mortgagor has, by failing to make a payment of money, made default under the provisions of any covenant or agreement referred to in paragraph (b) or paragraph (c) of subsection two of this section he shall be deemed to continue to be in such default notwithstanding that the mortgagee has made the payment which the mortgagor has so failed to make.

The court shall not grant any application for leave to commence or continue proceedings for the recovery of the whole or any part of the principal sum secured by the mortgage, or for foreclosure, unless the court is satisfied that—

after the commencement of the Moratorium (Amendment) Act 1950, the mortgagee has, with a view to discharging the mortgage (being a mortgage of land), offered to take from the mortgagor or to arrange with some other person to take from the mortgagor a new mortgage (being a mortgage of land) over the mortgaged property on terms and conditions not less favourable to the mortgagor than the terms and conditions contained in the existing mortgage or where those terms and conditions have been affected by any of the provisions of subsection seven of section twenty-five of the Moratorium Act 1930, as amended by subsequent Acts, section thirty-four of this Act and the Interest Reduction Act 1931, as amended by subsequent Acts, not less favourable to the mortgagor than those terms and conditions as so affected, and the mortgagor has unreasonably refused to accept such offer, or

it would, having regard to all relevant circumstances, be unjust and inequitable not to grant the application.

Any term or condition of a new mortgage referred to in subparagraph (i) of paragraph (a) of this subsection which would operate to exclude the provisions of this Part of this Act shall be disregarded in determining whether the terms and conditions of such new mortgage are not less favourable than those contained in the existing mortgage.

The terms and conditions of a new mortgage referred to in subparagraph (i) of paragraph (a) of this subsection shall be deemed to be less favourable than the terms and conditions of the existing mortgage—

if under such new mortgage an action, suit or proceeding for the payment by the mortgagor of any principal moneys secured by the new mortgage or interest thereon would lie at the instance of the mortgagee,

if such new mortgage fixes a date for payment of the principal sum secured by such mortgage or any part thereof earlier than five years from the date of execution of such mortgage.

For the purposes of this paragraph a mortgage shall be deemed to be one under which an action, suit or proceeding for the payment by the mortgagor of any principal moneys secured by the mortgage or interest thereon will lie at the instance of the mortgagee if—

in any agreement supplementary to or collateral with such mortgage the mortgagor is under an obligation to the mortgagee for the payment of any such moneys or interest as aforesaid, or

any bill of exchange or promissory note is to be given by the mortgagor to the mortgagee in connection with the mortgage transaction.

In any case where, after the date fixed by the mortgage for repayment of the principal sum, the principal sum or any part thereof remains unpaid, and the mortgagor satisfies the court that he is unable to redeem the property, or to repay a portion of the principal sum, as the case may be, the court shall not grant leave to take any proceedings to recover such principal sum or part thereof or for foreclosure unless the court is satisfied—

that, by reason of the wasting nature of the security, the continuance of the mortgage would seriously affect the security, or

that the conduct of the mortgagor has, in respect of the non-performance by him of any covenant expressed or implied in or by the mortgage, or in respect of any dealing with the mortgagee or the mortgaged property, been such as to render him undeserving of the benefit or protection of this Act, or

that by reason of any such non-performance great hardship will be inflicted on the mortgagee.

A mortgagor shall not be deemed unable to redeem the property, or to repay a portion of the principal sum, as the case may be, where the mortgagor has unreasonably refused to accept an offer by the mortgagee of the nature referred to in subsection three of this section.

An order made by the court under subsection one of this section, giving a mortgagee leave to exercise all or any of his rights, powers or remedies against the mortgaged property, shall enure and shall be deemed always to have enured for the benefit of the assigns of the mortgagee, and shall not be and shall be deemed never to have been prejudiced or affected by any change occurring after the making of such order in the title to or ownership of the mortgaged property.

In any case where, after the date fixed by the mortgage for payment of the principal sum or any part thereof, the principal sum or part remains unpaid, the time for payment of the principal sum or part shall, unless and until an application for leave is dealt with by the court under this section, be by force of this Act extended to the prescribed date for repayment upon the terms that interest shall after the commencement of this Act continue to be payable at the close of the same intervals of time as are provided by the mortgage with respect to the interest thereby secured, or, if no provision is so made, then quarterly, and at the following rate—

in the case of a mortgage the obligation to pay interest whereunder has been affected by the provisions of the Interest Reduction Act 1931, as amended by subsequent Acts, at the rate provided in the mortgage as reduced by the provisions of section five and subsection one of section six of that Act, or if and so far as any order has been made under section seven of that Act, at the rate determined by such order,

in the case of a mortgage the obligation to pay interest whereunder has not been affected by that Act, at the rate provided in the mortgage.

Provided that in any case the rate of interest payable shall not exceed seven per centum per annum, unless the court on the application of the mortgagee fixes a higher rate, but not exceeding the rate provided in the mortgage.

Where a mortgagee obtains a decree absolute or an order under the provisions of the Real Property Act 1900, for foreclosure and sells the foreclosed property within twelve months of the making of the decree or order for foreclosure, the mortgagor shall be entitled to recover in a court of competent jurisdiction the amount, if any, by which the net purchase money received by the mortgagee exceeds the amount of the moneys due to him under and by virtue of the mortgage after deducting therefrom all moneys reasonably spent by the mortgagee in improving the mortgaged property.

Where any mortgagor or puisne mortgagee has at any time since the nineteenth day of December, one thousand nine hundred and thirty, been or shall at any time after the commencement of this Act be in occupation of the mortgaged property or in receipt of the rents, profits or income thereof, and default has or shall have been made in the payment of interest under the mortgage, the court may on the application of the mortgagee order such mortgagor or puisne mortgagee to pay to the mortgagee the whole or such part as it thinks fit of the amount of interest due and unpaid.

Where the terms of a mortgage provide for the capitalisation of interest, the date at which by such terms a rest may be taken shall, for the purposes of this section, be regarded as the date upon which the interest is payable, and default shall be deemed to be made or to have been made in the payment thereof if such interest be not paid at such date notwithstanding any capitalisation thereof.

On any application under this section against a mortgagor or puisne mortgagee who has been in occupation of the mortgaged property, the court in determining whether it shall order the payment of any and if so what sum shall take into consideration the value to the mortgagor or puisne mortgagee of the occupation of the mortgaged property, the conduct of the mortgagor or puisne mortgagee in respect of any covenants, agreements, or conditions in the mortgage expressed or implied, and generally any other circumstances which the court deems relevant.

On any application under this section against a mortgagor or puisne mortgagee who has been in receipt of the rents, profits, or income of the mortgaged property, the court shall have regard to the sums, if any, paid by such mortgagor or puisne mortgagee for rates, taxes, insurance premiums and other charges and outgoings on or in relation to the mortgaged property during or in respect of the period for which he was or has been in receipt of the rents, profits, or income of the mortgaged property to the intent that such mortgagor or puisne mortgagee shall not, on such application, be ordered to pay a sum which with the sums already paid by him in respect of the matters aforesaid will be in excess of the rents, profits and income received, or which, but for his wilful neglect and default might have been received by him during the period for which such interest was payable.

In the application of this section to contracts for the sale of land the court may order the payment of moneys on account of interest whether such interest be made payable expressly by the contract or by the operation of any rule of law or equity.

On any application under this section the court may order the mortgagor, puisne mortgagee or purchaser, as the case may be, to file accounts, verified by affidavit, showing, for or in respect of the period specified in the order, the amounts of rents, profits or income received by him from the mortgaged or purchased property, and the sums paid by him for rates, taxes, insurance premiums and other charges and outgoings on or in relation to such property, and may order the person making such affidavit to attend before the court for cross-examination thereon.

Section twenty-six of the Moratorium Act 1930–1931, as amended by the Moratorium and Interest Reduction (Amendment) Act 1931, shall be construed as if the words “damages for breach of the agreement or for any damages or expenses whatsoever incurred by the vendor in or about the agreement” did not include payments which the court may direct in pursuance of this section.

Such remedy shall be in addition to and not in substitution for any other remedy of the mortgagee for the recovery of interest.

Where by the terms of a mortgage or an agreement for the purchase and sale of land to which this Part of this Act applies, payment is provided by a series of regular instalments and the rate of interest is not fixed in the mortgage or agreement, or the instalments are expressed to be for principal only and interest is stated not to be payable, the instalments shall for the purposes of this Part of this Act be deemed to include interest at such rate or to such amount as is assessed by the court.

On the application of any party to such mortgage or agreement the court may—

determine how much of each such instalment consists of principal and how much of interest,

determine the respective times at which the respective amounts payable for interest shall be payable.

Where the mortgage or agreement was entered into before the first day of October, one thousand nine hundred and thirty-one, the sums so determined by the court to be interest shall be subject to the provisions of the Interest Reduction Act 1931, as amended by subsequent Acts.

This section shall not apply to any mortgage or agreement in respect of which a court has made an order under the provisions of section six of the Moratorium Act 1930–1931.