New South Wales Consolidated Acts

LIMITATION ACT 1969 - SECT 42

42 Action for principal, possession or foreclosure

(1) An action on a cause of action--

(a) to recover principal money secured by mortgage,

(b) to recover possession of mortgaged property from a mortgagor, or

(c) to foreclose the equity of redemption of mortgaged property,

is not maintainable by a mortgagee under the mortgage if brought after the expiration of a limitation period of twelve years running from the date on which the cause of action first accrues to the plaintiff or to a person through whom the plaintiff claims.

(2) Paragraph (a) of subsection (1) applies to a cause of action--

(a) to recover principal money from any person, whether as principal, surety or otherwise, or

(b) to recover principal money by way of--

(i) the appointment of a receiver of mortgaged property or of the income or profits of mortgaged property,

(ii) the sale lease or other disposition or realization of mortgaged property, or

(iii) other remedy affecting mortgaged property.