Limitation Act 1981

If:

a person has a right to bring an action in relation to the conversion or wrongful detention of goods; and

afterwards, possession of the goods not having been recovered by the person or by another person claiming through the person, a further right to bring an action for the conversion or wrongful detention of the goods or to recover the proceeds of sale of the goods accrues to the person or to another person claiming through the person,

an action brought upon the further right is not maintainable after the expiration of a limitation period of 3 years from the date when the first right to bring an action accrued to the plaintiff or to another person through whom the plaintiff claims.

If a cause of action to which subsection (1) applies has accrued to any person and the period prescribed for bringing that action or any action in respect of which a further conversion or wrongful detention referred to in subsection (1) has expired and the person has not, during that period, recovered possession of the chattel, the title of that person to the chattel is extinguished as against a purchaser, mortgagee or other person having a title to or an interest in the chattel bona fide for value.

If, before the expiration of the period of limitation prescribed by this Act for an action in respect of the further conversion or wrongful detention of a chattel, such an action is brought, the expiration of the period of limitation does not affect the right or title of the plaintiff to the chattel:

for the purposes of the action; or

so far as the right or title is established.