Article 38 Extinction of right of mortgagee etc. to debt at expiration of time limit for action to recover land etc.
At the expiration of the time limit fixed by this Order for—
(a)
a mortgagee of land to bring an action to recover the land; or
(b)
a person claiming as mortgagee or chargeant to bring an action claiming sale of the land,
the right of the mortgagee or such person to the principal sum and interest secured by the mortgage or charge is extinguished.