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Time limit for actions to recover money secured by a mortgage or charge or to recover proceeds of the sale of land

(1)No action shall be brought to recover—

(a)any principal sum of money secured by a mortgage or other charge on property (whether real or personal); or

(b)proceeds of the sale of land ; after the expiration of twelve years from the date on which the right to receive the money accrued.

(2)No foreclosure action in respect of mortgaged personal property shall be brought after the expiration of twelve years from the date on which the right to foreclose accrued. But if the mortgagee was in possession of the mortgaged property after that date, the right to foreclose on the property which was in his possession shall not be treated as having accrued for the purposes of this subsection until the date on which his possession discontinued.

(3)The right to receive any principal sum of money secured by a mortgage or other charge and the right to foreclose on the property subject to the mortgage or charge shall not be treated as accruing so long as that property comprises any future interest or any life insurance policy which has not matured or been determined.

(4)Nothing in this section shall apply to a foreclosure action in respect of mortgaged land, but the provisions of this Act relating to actions to recover land shall apply to such an action.

(5)Subject to subsections (6) and (7) below, no action to recover arrears of interest payable in respect of any sum of money secured by a mortgage or other charge or payable in respect of proceeds of the sale of land, or to recover damages in respect of such arrears shall be brought after the expiration of six years from the date on which the interest became due.

(6)Where-

(a)a prior mortgagee or other incumbrancer has been in possession of the property charged; and

(b)an action is brought within one year of the discontinuance of that possession by the subsequent incumbrancer;

the subsequent incumbrancer may recover by that action all the arrears of interest which fell due during the period of possession by the prior incumbrancer or damages in respect of those arrears, notwithstanding that the period exceeded six years.

(7)Where-

(a)the property subject to the mortgage or charge comprises any future interest or life insurance policy; and

(b)it is a term of the mortgage or charge that arrears of interest shall be treated as part of the principal sum of money secured by the mortgage or charge;

interest shall not be treated as becoming due before the right to recover the principal sum of money has accrued or is treated as having accrued.

 

Part II

Extension or Exclusion of Ordinary Time Limits

Disability

28. (1)Subject to the following provisions of this section, if on the date when any right of action accrued for which a period of limitation is prescribed by this Act, the person to whom it accrued was under a disability, the action may be brought at any time before the expiration of six years from the date when he ceased to be under a disability or died (whichever first occurred) notwithstanding that the period of limitation has expired.



(2)This section shall not affect any case where the right of action first accrued to some person (not under a disability) through whom the person under a disability claims.

(3)When a right of action which has accrued to a person under a disability accrues, on the death of that person while still under a disability, to another person under a disability, no further extension of time shall be allowed by reason of the disability of the second person.

(4)No action to recover land or money charged on land shall be brought by virtue of this section by any person after the expiration of thirty years from the date on which the right of action accrued to that person or some person through whom he claims.

(5)If the action is one to which section 10 of this Act applies, subsection (1) above shall have effect as if for the words " six years " there were substituted the words “two years”.

(6)If the action is one to which section 11 or 12(2) of this Act applies, subsection (1) above shall have effect as if for the words " six years" there were substituted the words “three years”.

Damages Act 1996

[24th July 1996]

 

An Act to make new provision in relation to damages for personal injury, including injury resulting in death.

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:


Date: 2015-12-18; view: 380


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