Withdrawn Uniform Acts
Mortgages of Real and Personal Property
30. (1) When a mortgagee or a person claiming through a mortgagee
(a) has obtained the possession of any property real or personal comprised in a mortgage; or
(b) is in receipt of the profits of any land therein comprised,
the mortgagor or any person claiming through him shall not bring any action to redeem the mortgage but within ten years next after the time at which the mortgagee or a persons claiming through the mortgagee obtained such possession or first received any such profits unless prior to the expiry of such ten years an acknowledgment in writing of the title of the mortgagor or of his right to redeem is given to the mortgagor or some person claiming his estate or interest or to the agent of such mortgagor or person signed by the mortgagee or the person claiming through him or the agent in that behalf of either of them; and in that case, the action shall not be brought but within ten years next after the time at which the acknowledgment or the last of the acknowledgments, if more than one was given.
(2) Where there is more than one mortgagor or more than one person claiming through the mortgagor or mortgagors, the acknowledgment, if given to any of the mortgagors or persons or his or their agent, is as effectual as if the same had been given to all the mortgagors or persons.
(3) Where there is more than one mortgagee or more than one person claiming the estate or interest of the mortgagee or mortgagees, an acknowledgment signed by one or more of such mortgagees or persons or his or their agent in that behalf is effectual only as against
(a) the party or parties signing as aforesaid;
(b) the person or persons claiming any part of the mortgage money or property by, through or under him or them; and
(c) 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 does not operate to give to the mortgagor or mortgagors a right to redeem the mortgage as against the person or persons entitled to any undivided or divided part of the money or property.
(4) Where such of the mortgagees or persons aforesaid as have given the acknowledgment
(a) are entitled to a divided part of the property comprised in the mortgage or some estate or interest therein; and
(b) are not entitled to any ascertained part of the mortgage money,
the mortgagor or mortgagors are entitled to redeem the same divided part of the property on payment with interest of the 4 part of the mortgage money which bears the same proportion to the whole of the mortgage money as the value of the divided part of the property bears to the value of the whole of the property comprised in the mortgage.
Actions by mortgagees fr foreclosure or sale
31. No mortgagee or person claiming through a mortgagee shall take any proceedings for foreclosure or sale under any mortgage of real or personal property or to recover the property mortgaged but
(a) within ten years next after the right to take the proceedings first accrued to the mortgagee; or
(b) if the right did not accrue to the mortgagee, then within ten years after the right first accrued to a person claiming through the mortgagee.
Accrual of right of action
32. When any person bound or entitled to make payment of the principal money or interest secured by a mortgage of property real or personal or his agent in that behalf, at any time prior to the expiry of ten years from the accrual of the right to take proceedings for foreclosure or sale or to take proceedings to recover the property, pays any part of such money or interest to a person entitled to receive the same, or his agent, the right to take proceedings shall be deemed to have first accrued
(a) at (and not before) the time at which the payment or the last of the payments, if more than one, was made; or
(b) if any acknowledgment of the nature described in section 29 was given at any time prior to the expiry of ten years from the accrual of the right to take proceedings, then at the time at which the acknowledgment or the last of the acknowledgments, if more than one, was given.