(1) Subject to subsection (2), on the expiration of a limitation period fixed
by or under this Act for a cause of action to recover any debt damages or
other money, the right and title of the person formerly having the cause of
action to the debt damages or other money is, as against the person against
whom the cause of action formerly lay and as against the person's successors,
extinguished.
(2) Where, before the expiration of a limitation period fixed
by or under this Act for a cause of action to recover any debt damages or
other money, an action is brought on the cause of action, the expiration of
the limitation period does not affect the right or title of the plaintiff to
the debt damages or other money--