CTHRepealedAct
Defence (Re-establishment) Act 1965
22Penal rate of interest not enforceable
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22 Penal rate of interest not enforceable
Where in any mortgage to which this Division applies provision is made for the payment or acceptance of interest at a reduced rate in the case of punctual payment, interest is payable at the reduced rate notwithstanding that it is not paid punctually in accordance with that provision.