Effect of acknowledgment or part payment on persons other than the maker or recipient

(1) An acknowledgment of the title to any land or mortgaged property by any person in possession thereof shall bind all other persons in possession during the ensuing period (2) A payment in respect of a mortgage debt by the mortgagor, or any person claiming under him, shall, so far as any right of the mortgagee to apply for an order for sale of the mortgaged property or otherwise to recover any sums secured by the mortgage, bind all other persons who claim the property through the mortgagor. (3) An acknowledgment of any debt or other liquidated pecuniary claim shall bind the acknowledgor and his successors but not any other person, Provided that an acknowledgment made after the expiration of the period of limitation prescribed for the bringing of an action to recover the debt or other claim shall not bind any successor 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. (4) A payment made in respect of any debt or other liquidated pecuniary claim shall bind all persons liable in respect thereof. 23 Provided that a payment made after the expiration of the period of limitation prescribed for the bringing of an action to recover the debt or other claim shall not bind any person other than the person making the payment and his successors, and shall not bind any successor 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 payment. (5) An acknowledgement by one of several personal representatives of any claim to the personal estate of a deceased person, or to any share or interest therein, or a payment by one of several personal representatives in respect of any such claim, shall bind the estate of the deceased person. (6) In this section, the expression “successor”, in relation to any mortgagee or person liable in respect of any debt or claim, means his personal representatives and any other person on whom the rights under the mortgage or, as the case may be, the liability in respect of the debt or claim devolve, whether on death or bankruptcy or the disposition of property or the determination of a limited estate or interest in settled property or otherwise.