(1) When a mortgagee
has obtained the possession or receipt of the profits of any land or the
receipt of any rent comprised in his mortgage, the mortgagor or any person
claiming through him shall not bring an action to redeem the mortgage but
within fifteen years next after the time at which the mortgagee obtained such
possession or receipt, unless in the meantime an acknowledgment of the title
of the mortgagor or his right of redemption has been given to the mortgagor or
some person claiming his estate or to the agent of the mortgagor or of that
person in writing signed by the mortgagee or other person claiming through
him.
(2) If such an
acknowledgment has been given no such action shall be brought but within
fifteen years next after the time at which that acknowledgment or the last of
those acknowledgments if more than one, was given.
(3) When there is more
than one mortgagor or more than one person claiming through the mortgagor or
mortgagors, such an acknowledgment if given to any of those mortgagors or
persons or his or their agent shall be as effectual as if it had been given to
all such mortgagors or persons.
(4) Where there is
more than one mortgagee or more than one person claiming the estate or
interest of the mortgagee or mortgagees such an acknowledgment signed by one
or more of those mortgagees or persons—
(a)
shall be effectual only as against a party signing as aforesaid and a person
claiming any part of the mortgage money or land or rent by from or under him
and any person entitled to any estate or interest to take effect after or in
defeasance of his estate or interest; and
(b)
shall not operate to give to the mortgagor or mortgagors a right to redeem the
mortgage as against any person entitled to any other undivided or divided part
of the money or land or rent.
(5) Where any
mortgagee or any such person as aforesaid has given such an acknowledgment and
is entitled to a divided part of the land or rent comprised in the mortgage or
some estate or interest therein and not to any ascertained part of the
mortgage money, the mortgagor or mortgagors shall be entitled to redeem the
same divided part of the land or rent on payment with interest of the part of
the mortgage money which bears the same proportion to the whole of the
mortgage money as the value of that divided part of the land or rent bears to
the value of the whole of the land or rent comprised in the mortgage.