Limitation of actions to recover money secured by a mortgage or charge

(1) No action shall be brought to recover any principal sum of money secured by a mortgage or other charge on property, whether real or personal, after the expiration of twelve years from the date when the right to receive the money accrued. (2) No application for an order for sale of any mortgaged property shall be made to the court under the provision of any law relating to the sale of mortgaged property in respect of covenant broken after the expiration of twelve years from the date on which the right to an order for sale in respect of such broken covenant accrued. (3) No action to recover arrears of interest payable in respect of any sum of money secured by a mortgage or other charge or to recover damages in respect of such arrears or to recover any other sum of money in the nature of interest payable under any mortgage shall be brought after the expiration of six years from the date on which the interest or other sum became due. (4) This section shall not apply to any mortgage or charge on a ship. 18