LIMITATION ACT 1985 - SECT 23 Redemption

LIMITATION ACT 1985 - SECT 23

An action on a cause of action to redeem mortgaged property in the possession of a mortgagee is not maintainable against that mortgagee if brought after the end of a limitation period of 12 years running from the only or later of such of the following dates as is or are applicable:

        (a)     the date when that mortgagee or a person through whom he or she claims last goes into possession of the property in relation to which the action is brought;

        (b)     the date when that mortgagee or a person through whom he or she claims last receives a payment of principal money or interest secured by the mortgage from the plaintiff or from a person through whom he or she claims.