Interest on debts incurred by persons who would be agriculturists but for the operation of section 3(ii)

Where a debt is incurred by a person who would be an agriculturist as defined in section 3 (ii) but for the operation of section 3 (ii) (b) (iii) or 3 (ii) (c) (ii), the rate of interest applicable to the debt shall be the rate applicable to the debt under the law, custom, contract or decree of court under which the debt arises or the rate applicable to all agriculturists under section 13, whichever rate is less.