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STATUTE OF LIMITATIONS (NORTHERN IRELAND) 1958 - SECT 39

Limitation of actions to recover arrears of interest on a mortgage or charge.

39.(1) No action shall be brought to recover arrears of interest payable in
respect of any principal sum of money secured by a mortgage or charge on land
or personal property (other than a ship) or to recover damages in respect of
such arrears after the expiration of six years from the date on which the
interest became due.

(2) Where

(a)a prior mortgagee or other incumbrancer has been in possession of the
property charged; and

(b)an action is brought within one year of a discontinuance of such possession
by a subsequent incumbrancer;

(3) Where

(a)the property subject to a mortgage or charge comprises any future interest
or life insurance policy; and

(b)it is a term of the mortgage or charge that arrears of interest shall be
treated as part of the principal sum secured by the mortgage or charge;

Extinction of right of mortgagee or chargeant to mortgage debt at expiration
of period for action to recover land or claiming sale of land.

© 1958 Crown Copyright

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