(1) An equitable
action cannot be commenced after the only or later of such of the following
events as are applicable —
(a) the
elapse of 6 years since the cause of action accrued; or
(b) the
elapse of 3 years since time started running, on equitable principles, for the
commencement of the action.
(2) In this section
—
equitable action means an action —
(a) in
which the relief sought is in equity; and
(b) for
which (had a limitation period not been provided for under subsection (1) or
section 13) the limitation period would not be determined in equity by analogy
to the limitation period for any other kind of action.