Time limit: principal money secured by a charge on land or personal property
36.—(1) No action may be brought to recover any principal sum of money secured by a mortgage or charge on land or personal property after the expiration of twelve years from the date when the right to receive the money accrued.
(2) In its application to a mortgage which was apportioned to the Government of Northern Ireland by section 31 of the Government of Ireland Act 1920(1) (Church Temporalities Fund), in paragraph (1) for “twelve years” substitute “thirty years”.
(3) For the purposes of this Article, the right to receive any principal sum of money secured by a mortgage or other charge does not accrue so long as the property subject to the mortgage or charge comprises any future interest or any life insurance policy which has not matured or been determined.