Australian Capital Territory Consolidated Acts

LIMITATION ACT 1985 - SECT 24

    (1)     An action on a cause of action—

        (a)     to recover principal money secured by mortgage; or

        (b)     to recover possession of mortgaged property from a mortgagor; or

        (c)     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.

    (2)     Subsection (1) (a) applies to proceedings in a court on a cause of action—

        (a)     to recover principal money from any person, whether as principal, surety or otherwise; or

        (b)     to recover principal money by way of—

              (i)     the appointment of a receiver of mortgaged property or of the income or profits of mortgaged property; or

              (ii)     the sale, lease or other disposition of realisation of mortgaged property; or

              (iii)     other remedy affecting mortgaged property.