59.—(1) An acknowledgment of title to any land by any person in possession thereof shall bind all other persons in possession during the ensuing period of limitation.

(2) Where—

(a) two or more mortgagees of land are by virtue of the mortgage in possession of the land, and

(b) one only of the mortgagees (in this subsection referred to as the acknowledgor) gives an acknowledgment of the mortgagor’s title or of his equity of redemption,

the following provisions shall have effect—

(i) the acknowledgment shall bind only the acknowledgor and his successors and shall not bind any other mortgagee or his successors;

(ii) if the acknowledgor is entitled to a part of the mortgaged land and not to any ascertained part of the mortgage debt, the mortgagor shall be entitled to redeem that part of the land on payment, with interest, of the part of the mortgage debt which bears the same proportion to the whole of the debt as the value of that part of the land bears to the value of the whole of the mortgaged land.

(3) Where there are two or more mortgagors of land, and the title or right to redemption of one of the mortgagors is acknowledged, the acknowledgment shall be deemed to have been made to all the mortgagors.

(4) (a) An acknowledgment of a debt shall bind the acknowledgor and his successors but not any other person.

(b) An acknowledgment of a statute-barred debt shall not bind any successor of the acknowledgor on whom the liability devolves on the determination of a preceding estate or interest in property under a settlement taking effect before the date of the acknowledgment.

(5) An acknowledgment by one of several personal representatives of any claim to the personal estate of a deceased person or to any share or interest therein shall bind the estate of the deceased person.