New South Wales Consolidated Acts

LIMITATION ACT 1969 - SECT 43

43 Action for interest

(1) An action on a cause of action to recover interest secured by a mortgage is not maintainable by a mortgagee under the mortgage if brought after the expiration of--

(a) a limitation period of six years running from the only or later of such of the following dates as are applicable--

(i) the date on which the cause of action first accrues to the plaintiff or to a person through whom the plaintiff claims, and

(ii) where a mortgagee under a prior mortgage is, on the date mentioned in subparagraph (i), in possession of all or any of the property comprised in the mortgage securing the interest, and after that date discontinues his or her possession--the date of discontinuance, or

(b) the limitation period fixed by or under this Act for an action between the same parties on a cause of action to recover the principal money bearing the interest,

whichever limitation period first expires.

(2) For the purposes of subsection (1), a cause of action to recover interest secured by a mortgage includes--

(a) a cause of action to recover the interest from any person, whether as principal surety or otherwise, and

(b) a cause of action to recover the interest by way of--

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

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

(iii) other remedy affecting mortgaged property.