Article 46 Interpretation (Part IV)

In this Part—

(a)

“debt” includes any liquidated pecuniary claim;

“statute‐barred debt” means a debt in respect of which the time limit fixed by this Order for the bringing of an action to recover it has expired;
“successor” means—
1. (i)
  as respects a mortgagee, his personal representatives and any other person on whom the rights under the mortgage devolve, whether—
  - (A) on death or bankruptcy;
  - (B) on the disposition of the property; or
  - (C) on the determination of a limited estate or interest in settled property;
  or otherwise;
2. (ii)
  as respects a person liable in respect of a debt, his personal representatives and any other person on whom the liability in respect of the debt devolves, whether—
  - (A) on death or bankruptcy;
  - (B) on the disposition of the property; or
  - (C) on the determination of a limited estate or interest in settled property;
  or otherwise;

(b)

references to a right of action include—

(i)

a cause of action;

(ii)

a right to receive money secured by a mortgage or charge on any property or to receive proceeds of the sale of land;

(iii)

a right to receive a share or interest in the personal estate of a deceased person;

(c)

references to the date of the accrual of a right of action refer—

(i)

as respects an action upon a judgment, to the date on which the judgment became enforceable;

(ii)

as respects an action to recover arrears of a rentcharge, a conventional rent, or interest or damages in respect thereof, to the date on which the arrears became due;

(d)

references to a person in possession of land include—

(i)

as respects a rentcharge, a person who is in possession of the land charged, but does not pay the rentcharge; and

(ii)

as respects land (including a rentcharge) held under a lease in writing reserving a yearly conventional rent of not less than £1, a person who, wrongfully claiming to be entitled to the land in reversion immediately expectant on the determination of the lease, is in receipt of the conventional rent;

(e)

references to a debt refer—

(i)

as respects a rentcharge or a conventional rent, to a gale of the rentcharge or of the conventional rent;

(ii)

as respects interest, to an instalment of the interest;

(f)

references to a mortgagee who is by virtue of the mortgage in possession of any mortgaged land include references to a mortgagee who has obtained possession of the mortgaged land by virtue of an order of a court.