Article 34 Time limit: redemption of land

Where a mortgagee of land has been in possession of any of the mortgaged land for twelve years, no action to redeem the land of which the mortgagee has been so in possession may thereafter be brought by the mortgagor or any person claiming through him.

Paragraph (1) does not apply to a Welsh mortgage.

Where a mortgagee of land under a Welsh mortgage which provides that the rents and profits are to be applied in reduction of the principal moneys and interest has been in possession of the land for twelve years commencing on the date on which all the principal moneys and interest have to the knowledge of the mortgagor been satisfied, no action to redeem the land may thereafter be brought by the mortgagor or any person claiming through him.