(1) If, after a limitation period fixed by or under this Act for a cause of action begins to run but before the end of the limitation period, a person against whom (either solely or with other persons) the cause of action lies confirms the cause of action, the time during which the limitation period runs before the date of the confirmation does not count in the reckoning of the limitation period for an action on the cause of action by a person having the benefit of the confirmation against a person bound by the confirmation.
(2) For this section—
(a) a person confirms a cause of action if, but only if, he or she—
(i) acknowledges, to a person having (either solely or with other persons) the cause of action, the right or title of the person to whom the acknowledgment is made; or
(ii) makes, to a person having (either solely or with other persons) the cause of action, a payment in relation to the right or title of the person to whom the payment is made; and
(b) a confirmation of a cause of action to recover interest on principal money operates also as a confirmation of a cause of action to recover the principal money; and
(c) a confirmation of a cause of action to recover income falling due at any time operates also as a confirmation of a cause of action to recover income falling due at a later time on the same account.
(3) If a person has (either solely or with other persons) a cause of action to foreclose the equity of redemption of mortgaged property or to recover possession of mortgaged property, a payment to him or her of principal or interest secured by the mortgage or a payment to him or her otherwise in relation to his or her right or title to the mortgage is a confirmation by the payer of the cause of action.
(4) An acknowledgment for this section shall be in writing and signed by the maker.
(5) For this section, a person has the benefit of a confirmation if, but only if, the confirmation is made to him or her or to a person through whom he or she claims.
(6) For this section, a person is bound by a confirmation if, but only if—
(a) he or she is a maker of the confirmation; or
(b) he or she is, in relation to the cause of action, a successor of a maker under a devolution from the maker occurring after the making of the confirmation; or
(c) if the maker is, at the time when he or she makes the confirmation, (either solely or with other persons) a trustee of the will or of the estate of a deceased person—the firstmentioned person is at the date of the confirmation or afterwards becomes a trustee of the will or of the estate; or
(d) if the maker is, at the time when he or she makes the confirmation, (either solely or with other persons) a trustee (other than a trustee of the will or of the estate of a deceased person)—the firstmentioned person is at the date of the confirmation or afterwards becomes a trustee of the trust of which the maker is a trustee; or
(e) he or she is bound under subsection (7).
(7) If a maker of a confirmation of a cause of action in relation to property is, on the date of the confirmation, in possession of the property, the confirmation binds a person subsequently in possession of the property who claims through the maker of the confirmation.