42Action for principal, possession or foreclosure

#### 42 Action for principal, possession or foreclosure 42 Action for principal, possession or foreclosure > > (1) An action on a cause of action— > > > > > (a) to recover principal money secured by mortgage, > > > > > (b) to recover possession of mortgaged property from a mortgagor, or > > > > > (c) to foreclose the equity of redemption of mortgaged property, > > > > is not maintainable by a mortgagee under the mortgage if brought after the expiration of a limitation period of twelve years running from the date on which the cause of action first accrues to the plaintiff or to a person through whom the plaintiff claims. > > > (2) Paragraph (a) of subsection (1) applies to a cause of action— > > > > > (a) to recover principal money from any person, whether as principal, surety or otherwise, or > > > > > (b) to recover principal money by way of— > > > > > > > (i) the appointment of a receiver of mortgaged property or of the income or profits of mortgaged property, > > > > > > > (ii) the sale lease or other disposition or realization of mortgaged property, or > > > > > > > (iii) other remedy affecting mortgaged property.