When is the deadline for claim to recover the principal of a debt secured on real or personal property?
The catalogue records a 15 years period from Day the security is taken. This draft page remains free only until its source, worked example and limits are reviewed.
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Calculation basis and source
- Period
- 15 years
- Trigger
- Day the security is taken
- 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.
- NONE by judicial order. Section 16(b) extends the period on wilful concealment to the later of two years from knowledge and the fifteen years. Never compute an extension.
- Added on verification: missing from the researched catalogue. Section 12(1): Part 2 otherwise applies to a claim for payment of a secured debt, so the general two-year discovery period also runs. Section 12(4): a debtor shall not bring a claim to redeem the property after 15 years from the day the creditor takes possession. Section 12(3): a payment in relation to the debt is a part payment for the purposes of s 20 and is presumed to be a payment of both principal and interest.