Moratorium Act 1932

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.