Action for principal, possession or foreclosure
24 Action for principal, possession or foreclosure
An action on a cause of action—
to recover principal money secured by mortgage; or
to recover possession of mortgaged property from a mortgagor; or
to foreclose the equity of redemption of mortgaged property;
is not maintainable by a mortgagee under the mortgage if brought after the end of a limitation period of 12 years running from the date when the cause of action first accrues to the plaintiff or to a person through whom he or she claims.
Subsection (1) (a) applies to proceedings in a court on a cause of action—
to recover principal money from any person, whether as principal, surety or otherwise; or
to recover principal money by way of—
the appointment of a receiver of mortgaged property or of the income or profits of mortgaged property; or
the sale, lease or other disposition of realisation of mortgaged property; or
other remedy affecting mortgaged property.
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