Statute of Limitations 1957
Extinction of right of mortgage or chargeant to principal sum secured by mortgage or charge on personal property after expiration of period for action to recover principal sum.
39
39.—At the expiration of the period fixed by this Act for a mortgagee or chargeant to bring an action to recover a principal sum of money secured by a mortgage or charge on personal property (other than a ship), the right of the mortgagee or chargeant to the principal sum and interest shall be extinguished.