(1) An action on a cause of action to recover interest secured by a mortgage
is not maintainable by a mortgagee under the mortgage if brought after the
expiration of--
(a) a limitation period of six years running from the only or
later of such of the following dates as are applicable--
(i) the date on which
the cause of action first accrues to the plaintiff or to a person through whom
the plaintiff claims, and
(ii) where a mortgagee under a prior mortgage is,
on the date mentioned in subparagraph (i), in possession of all or any of the
property comprised in the mortgage securing the interest, and after that date
discontinues his or her possession--the date of discontinuance, or
(b) the
limitation period fixed by or under this Act for an action between the same
parties on a cause of action to recover the principal money bearing the
interest,
whichever limitation period first expires.
(2) For the purposes of
subsection (1), a cause of action to recover interest secured by a mortgage
includes--
(a) a cause of action to recover the interest from any person,
whether as principal surety or otherwise, and
(b) a cause of action to
recover the interest by way of--
(i) the appointment of a receiver of
mortgaged property or of income or profits of mortgaged property,
(ii) sale,
lease or other disposition or realization of the mortgaged property, or