When is the deadline for recovery of principal secured by mortgage or charge?
The catalogue records a 144 months period from Date when the right to receive the money accrued. This draft page remains free only until its source, worked example and limits are reviewed.
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Calculation basis and source
- Period
- 144 months
- Trigger
- Date when the right to receive the money accrued
- 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.
- Twelve years for principal; arrears of interest on the secured sum carry a separate six-year period under s.25(5), subject to the provisos in s.25(5)(a) (prior incumbrancer in possession, action within one year of discontinuance) and (b). Foreclosure of mortgaged personal property is also twelve years under s.25(2), but foreclosure of mortgaged LAND is excluded by s.25(4) and g