Action for principal, possession or foreclosure
42 Action for principal, possession or foreclosure
An action on a cause of action—
to recover principal money secured by mortgage,
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 expiration of a limitation period of twelve years running from the date on which the cause of action first accrues to the plaintiff or to a person through whom the plaintiff claims.
Paragraph (a) of subsection (1) applies to 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,
the sale lease or other disposition or realization of mortgaged property, or
other remedy affecting mortgaged property.
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