(1) In this section
—
action means an action to recover interest 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 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.
(2) An action cannot
be commenced —
(a)
after the occurrence of the only or later of such of the following events as
are applicable —
(i)
the elapse of 6 years since the cause of action accrued;
(ii)
in the case where a mortgagee under a prior mortgage is
in possession of all or any of the property comprised in the mortgage securing
the interest when the cause of action accrued, and after that time
discontinues possession, the elapse of one year since the discontinuance;
or
(b) if
the limitation period provided for under section 20 for an action between the
same parties on a cause of action to recover the principal money bearing the
interest has expired.