517. Loss of right to sue by running of time.

(ii)     Loss of Right to Sue

517.     Loss of right to sue by running of time.

A mortgagee's claim (other than a foreclosure claim in respect of mortgaged land) to recover the principal money secured by a mortgage or other charge on property, whether real or personal, which existed when the cause of action accrued1, may not be brought after 12 years from the date when the right to receive the money accrued2. The statutory provisions relating to the limitation of actions to recover land apply to a foreclosure claim in respect of land3 or a claim by