When is the deadline for limitation - mortgagee's action for principal, possession or foreclosure?
The catalogue records a 12 years period from The date on which the mortgagee first became entitled to recover the money, to take possession of the property or to foreclose the equity of redemption. This draft page remains free only until its source, worked example and limits are reviewed.
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Calculation basis and source
- Period
- 12 years
- Trigger
- The date on which the mortgagee first became entitled to recover the money, to take possession of the property or to foreclose the equity of redemption
- Counting
- The encoded calculator method must be independently documented before publication.
- Rollovers and holidays
- Holiday, closure and order treatment must be independently documented before publication.
This route remains in preparation until a pinpoint official source is recorded.
- Limitation Act 1981 (NT) s 44, on the s 44(3)(b) gateways.
- Extends to recovery of principal from a principal, surety or otherwise, and by way of appointment of a receiver, sale, lease or other realisation, or any other remedy affecting the mortgaged property (s 27(2)). Once barred, the mortgagee must not exercise a power of sale, lease or other realisation, appoint a receiver, or otherwise deal with the mortgaged property against that person (s 30). This Act applies to mortgages registered under the Land Title Act 2000 only so far as s 25 provides.