24Action for principal, possession or foreclosure

24 Action for principal, possession or foreclosure (1) An action on a cause of action— (a) to recover principal money secured by mortgage; or (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 end of a limitation period of 12 years running from the date when the cause of action first accrues to the plaintiff or to a person through whom he or she claims. (2) Subsection (1) (a) applies to proceedings in a court on 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; or (ii) the sale, lease or other disposition of realisation of mortgaged property; or (iii) other remedy affecting mortgaged property. Periods of limitation and related matters Part 2 Mortgages Division 2.3 Section 25 R28 26/11/25 Limitation Act 1985 Effective: 26/11/25 page 19 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au