Section 18: Limitation of actions to recover money

secured by mortgage or charge or to recover proceeds of sale of land (1) No action shall be brought to recover any principal sum of money secured by a mortgage or other charge on property, whether real or personal, or to recover proceeds of the sale of land, after the expiration of twelve years from the date when the right to receive the money accrued. (2) No foreclosure action in respect of mortgaged personal property shall be brought after the expiration of twelve years from the date on which the right to foreclose accrued; except that if, after that date, the mortgagee was in possession of the mortgaged property, the right to foreclose on the property which was in his or her possession shall not, for the purposes of this subsection, be deemed to have accrued until the date on which his or her possession discontinued. (3) The right to receive any principal sum of money accrued by a mortgage or other charge and the right to foreclose on the property subject to the mortgage or charge shall not be deemed to accrue so long as that property comprises any future interest or any life insurance policy which has not matured or been determined. (4) Nothing in this section shall apply to a foreclosure action in respect of mortgaged land, but the provisions of this Act relating to actions to recover land shall apply to such an action. (5) No action to recover arrears of interest payable in respect of any sum of money secured by a mortgage or other charge or payable in respect of proceeds of the sale of land, or to recover damages in respect of such arrears, shall be brought after the expiration of six years from the date on which the interest became due; except that- (a) where a prior mortgagee or other incumbrancer has been in possession of the property charged and an action is brought within one year of the discontinuance of that possession by the subsequent incumbrancer, he or she may recover by that action all the arrears of interest which fell due during the period of possession by the prior incumbrancer or damage in respect of those arrears, notwithstanding that the period exceeded six years; (b) where the property subject to the mortgage or charge comprises any future interest or life insurance policy and it is a term of the mortgage or charge that arrears of interest shall be treated as part of the principal sum of money secured by the mortgage or charge, interest shall not be deemed to become due before the right to receive the principal sum of money has accrued or is deemed to have accrued. (6) This section shall not apply to any mortgage or charge on a ship. Actions in respect of trust property or personal estate of deceased persons