(1)  An acknowledgement of the title to any land or mortgaged personalty by any person in possession thereof shall bind all other persons in possession during the ensuing period of limitation.

(2)  A payment in respect of a mortgage debt by the mortgagor or any person in possession of the mortgaged property shall, so far as any right of the mortgagee to foreclose or otherwise to recover the property is concerned, bind all other persons in possession of the mortgaged property during the ensuing period of limitation.

(3)  Where 2 or more mortgagees are by virtue of the mortgage in possession of the mortgaged land, an acknowledgement of the mortgagor's title or of his equity of redemption or right to discharge of the mortgage by one of the mortgagees shall only bind him and his successors and shall not bind any other mortgagee or his successors; and where the mortgagee by whom the acknowledgement is given is entitled to a part of the mortgaged land and not to any ascertained part of the mortgage debt, the mortgagor shall be entitled to redeem or to compel discharge of the mortgage of that part of the land on payment, with interest, of the part of the mortgage debt which bears the same proportion to the whole of the debt as the value of the part of the land bears to the whole of the mortgaged land.

(4)  Where there are 2 or more mortgagors and the title or right to redemption or to the discharge of the mortgage of one of the mortgagors is acknowledged as aforesaid the acknowledgement shall be deemed to have been made to all mortgagors.

(5)  Subject to subsection (6) an acknowledgement of any debt or other liquidated pecuniary claim shall bind the acknowledgor and his successors but not any other person.

(6)  An acknowledgement made after the expiration of the period of limitation prescribed for the bringing of an action to recover a debt or other claim shall not bind any successor on whom the liability devolves on the determination of a preceding estate or interest in property under a settlement taking effect before the date of the acknowledgement.

(7)  Subject to subsection (8) , a payment made in respect of any debt or other liquidated pecuniary claim shall bind all persons liable in respect thereof.

(8)  A payment made after the expiration of the period of limitation prescribed for the bringing of an action to recover the debt or other claim shall not bind –

(a) any person other than the person making the payment and his successors; or

(b) any successor on whom the liability devolved on the determination of a preceding estate or interest in property under a settlement taking effect before the date of the payment.

(9)  An acknowledgement by one of several personal representatives of any claim to the personal estate of a deceased person or to any share or interest therein, or a payment by one of several personal representatives in respect of any such claim, shall bind the estate of the deceased person.

(10)  In this section the expression successor in relation to any mortgagee or person liable in respect of any debt or claim means his personal representatives and any other person on whom the rights under the mortgage or, as the case may be, the liability in respect of the debt or claim devolve, whether on death or bankruptcy or the disposition of property or the determination of a limited estate or interest in settled property or otherwise.