LIMITATION ACT 1935 - SECT 29
LIMITATION ACT 1935 - SECT 29
29 . Mortgagor to be barred at end of 12 years from the time when the mortgagee took possession or from the last written acknowledgment
When a mortgagee shall
have obtained the possession or receipt of the profits of any land, or the
receipt of any rent comprised in his mortgage, the mortgagor or any person
claiming through him, shall not bring any action or suit to redeem the
mortgage, but within 12 years next after the time at which the mortgagee
obtained such possession or receipt, unless in the meantime an acknowledgment
in writing of the title of the mortgagor, or of his right to redemption shall
have been given to the mortgagor or some person claiming his estate, or to the
agent of such mortgagor or person, signed by the mortgagee or the person
claiming through him.
In such case no such
action or suit shall be brought, but within 12 years next after the time at
which such acknowledgment, or the last of such acknowledgments, if more than
one was given; and when there shall be more than one mortgagor or more than
one person claiming through the mortgagor or mortgagors, such acknowledgment,
if given to any of such mortgagors or persons, or his or their agent, shall be
as effectual as if the same had been given to all such mortgagors or persons:
Provided that where
there shall be more than one mortgagee, or more than one person claiming the
estate or interest of the mortgagee or mortgagees, such acknowledgment, signed
by one or more of such mortgagees or persons, shall be effectual only as
against the party or parties signing as aforesaid, and the person or persons
claiming any part of the mortgage money or land or rent, by, from, or under
him or them, and any person or persons entitled to any estate or estates,
interest or interests, to take effect after or in defeasance of his or their
estate or estates, interest or interests, and shall not operate to give to the
mortgagor or mortgagors a right to redeem the mortgage as against the person
or persons entitled to any other undivided or divided part of the money or
land or rent:
Provided also that
where such of the mortgagees or persons aforesaid as shall have given such
acknowledgment shall be entitled to a divided part of the land or rent
comprised in the mortgage, or some estate or interest therein, and not to any
ascertained part of the mortgage money, the mortgagor or mortgagors shall be
entitled to redeem the same divided part of the land or rent on payment, with
interest, of the part of the mortgage money which shall bear the same
proportion to the whole of the mortgage money as the value of such divided
part of the land or rent shall bear to the value of the whole of the land or
rent comprised in the mortgage.