Statute of Limitations, 1957

Limitation of actions to recover principal money secured by a charge on land or personal property.

36.—(1) (a) No action shall be brought to recover any principal sum of money secured by a mortgage or charge on land or personal property (other than a ship) after the expiration of twelve years from the date when the right to receive the money accrued.

(b) In its application to—

(i) a mortgage, interest on which is payable into the Church Temporalities Fund, or

(ii) a charge on land under section 31 of the Land Law (Ireland) Act, 1881 , or

(iii) a charge on land under the Housing (Gaeltacht) Acts, 1929 and 1934,

paragraph (a) of this subsection shall have effect as if for the words “twelve years” there were substituted “thirty years”.

(2) The right to receive any principal sum of money secured by a mortgage or other charge shall, for the purposes of this section, be deemed not to 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.