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Extinction of right of mortgagee or chargeant to mortgage debt at expiration of period for action to recover land or claiming sale of land.
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38.—At the expiration of the period fixed by this Act for a mortgagee of land to bring an action to recover the land or for a person claiming as mortgagee or chargeant to bring an action claiming sale of the land, the right of the mortgagee or such person to the principal sum and interest secured by the mortgage or charge shall be extinguished.
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