(1) Where, after a limitation period fixed by or under this Act for a cause of
action commences to run but before the expiration of the limitation period, a
person against whom (either solely or with other persons) the cause of action
lies confirms the cause of action, the time during which the limitation period
runs before the date of the confirmation does not count in the reckoning of
the limitation period for an action on the cause of action by a person having
the benefit of the confirmation against a person bound by the confirmation.
(2) For the purposes of this section--
(a) a person confirms a cause of action
if, but only if, the person--
(i) acknowledges, to a person having (either
solely or with other persons) the cause of action, the right or title of the
person to whom the acknowledgment is made, or
(ii) makes, to a person having
(either solely or with other persons) the cause of action, a payment in
respect of the right or title of the person to whom the payment is made,
(c) a confirmation of a cause of action to recover
income falling due at any time operates also as a confirmation of a cause of
action to recover income falling due at a later time on the same account.
(3)
Where a person has (either solely or with other persons) a cause of action to
foreclose the equity of redemption of mortgaged property or to recover
possession of mortgaged property, a payment to the person of principal or
interest secured by the mortgage or a payment to the person otherwise in
respect of the person's right or title to the mortgage is a confirmation by
the payer of the cause of action.
(4) An acknowledgment for the purposes of
this section must be in writing and signed by the maker.
(5) For the purposes
of this section a person has the benefit of a confirmation if, but only if,
the confirmation is made to the person or to a person through whom the person
claims.
(6) For the purposes of this section a person is bound by a
confirmation if, but only if--
(a) the person is a maker of the confirmation,
(b) the person is, in relation to the cause of action, a successor of a maker
under a devolution from the maker occurring after the making of the
confirmation,
(c) where the maker is, at the time when the person makes the
confirmation, (either solely or with other persons) a trustee of the will or
of the estate of a deceased person--the firstmentioned person is at the date
of the confirmation or afterwards becomes a trustee of the will or of the
estate,
(d) where the maker is, at the time when the person makes the
confirmation (either solely or with other persons) a trustee (other than a
trustee of the will or of the estate of a deceased person)--the firstmentioned
person is at the date of the confirmation or afterwards becomes a trustee of
the trust of which the maker is a trustee, or
(e) the person is bound under
subsection (7).
(7)
(a) Paragraph (b) applies to a confirmation of a cause of
action--
(vi) to recover principal money
or interest secured by mortgage of property, by way of the appointment of a
receiver of mortgaged property or of the income or profits of mortgaged
property or by way of sale, lease or other disposition of mortgaged property
or by way of other remedy affecting mortgaged property, or
(vii) to recover
trust property or property into which trust property can be traced.
(b) Where
a maker of a confirmation to which this paragraph applies is, on the date of
the confirmation, in possession of the property, the confirmation binds a
person in possession during the ensuing period of limitation, not being, or
claiming through, a person other than the maker who is, on the date of the
confirmation, in possession of the property.