Northern Territory Consolidated Acts

LIMITATION ACT - SECT 28

(1) An 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 3 years from -

(i) the date on which the cause of action first accrued to the plaintiff or to a person through whom he claims; or

(ii) where a mortgagee under a prior mortgage was, on the date referred to in subparagraph (i), in possession of all or any of the property comprised in the mortgage securing the interest, and after that date discontinued his possession - the date of discontinuance,

or, if both cases apply, the later of those dates; 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 cause of action to recover the interest -

(a) from a person, whether as principal, surety or otherwise; and

(b) 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

(iii) any other remedy affecting mortgaged property.