An action to recover
principal money secured by a mortgage of real property or real and personal
property whether —
(a) from
any person, whether as principal, surety or otherwise;
(b) by
way of the appointment of a receiver of the mortgaged property or of the
income or profits of the mortgaged property;
(c) by
way of the sale, lease or other disposition or realisation of the mortgaged
property; or
(d) by
way of any other remedy affecting the mortgaged property,
cannot be commenced if
12 years have elapsed since the cause of action accrued.