Northern Territory Consolidated Acts

LIMITATION ACT - SECT 27

(1) An action -

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

(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 after the expiration of a limitation period of 12 years from the date on which the mortgagee first became entitled to recover the money, to take possession of the property or to foreclose the equity of redemption.

(2) Subsection (1)(a) applies to a cause of action -

(a) to recover principal money from a 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;

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

(iii) any other remedy affecting mortgaged property.