Limitation of Actions Act 1936

When a mortgagee has obtained the possession or receipt of the profits of any land or the receipt of any rent comprised in his mortgage, the mortgagor or any person claiming through him shall not bring an action to redeem the mortgage but within fifteen years next after the time at which the mortgagee obtained such possession or receipt, unless in the meantime an acknowledgment of the title of the mortgagor or his right of redemption has been given to the mortgagor or some person claiming his estate or to the agent of the mortgagor or of that person in writing signed by the mortgagee or other person claiming through him.

If such an acknowledgment has been given no such action shall be brought but within fifteen years next after the time at which that acknowledgment or the last of those acknowledgments if more than one, was given.

When there is more than one mortgagor or more than one person claiming through the mortgagor or mortgagors, such an acknowledgment if given to any of those mortgagors or persons or his or their agent shall be as effectual as if it had been given to all such mortgagors or persons.

Where there is more than one mortgagee or more than one person claiming the estate or interest of the mortgagee or mortgagees such an acknowledgment signed by one or more of those mortgagees or persons—

shall be effectual only as against a party signing as aforesaid and a person claiming any part of the mortgage money or land or rent by from or under him and any person entitled to any estate or interest to take effect after or in defeasance of his estate or interest; and

shall not operate to give to the mortgagor or mortgagors a right to redeem the mortgage as against any person entitled to any other undivided or divided part of the money or land or rent.

Where any mortgagee or any such person as aforesaid has given such an acknowledgment and is entitled to a divided part of the land or rent comprised in the mortgage or some estate or interest therein and not to any ascertained part of the mortgage money, the mortgagor or mortgagors shall be entitled to redeem the same divided part of the land or rent on payment with interest of the part of the mortgage money which bears the same proportion to the whole of the mortgage money as the value of that divided part of the land or rent bears to the value of the whole of the land or rent comprised in the mortgage.