Moratorium Act 1932

Notwithstanding anything contained in section eighteen of this Act, the court may, upon the application of the mortgagor made before the prescribed date for repayment, make an order on such terms and conditions (if any) as the court thinks fit, extending the date for payment, and may fix the intervals of time and rate at which interest is payable during such extended period.

Upon any application under subsection one of this section the court shall take into consideration in addition to all other relevant matters—

any hardship which would be caused to the mortgagor by being obliged to pay the principal sum by the prescribed date for repayment,

the conduct of the mortgagor in respect of dealings with the mortgagee,

any hardship which would be caused to the mortgagee by the making of an order.

Notwithstanding anything contained in subsection two of this section, an application made by a mortgagor under subsection one of this section for an order extending the date for payment to a date not later than the thirty-first day of December, one thousand nine hundred and fifty-three, shall not be refused if the court is satisfied—

that the mortgagor, by reason of floods during the years one thousand nine hundred and forty-nine and one thousand nine hundred and fifty, sustained losses which, by reference to the amount of the principal sum of the mortgage, were substantial, and

that the conduct of the mortgagor in respect of dealings with the mortgagee has not been such as to render him undeserving of the benefit and protection of this section.

No purchaser or other person dealing in good faith with any property affected by the order shall be affected thereby unless the order is registered in the office of the Registrar-General in the manner prescribed by regulations under the Conveyancing Act 1919–1930.