12(1)Subject to subsection (2), Part 2 applies to a claim for payment of a debt secured on real or personal property.

12(2)No claim to recover the principal of a debt secured on real or personal property shall be brought after 15 years from the day the security is taken.

12(3)A payment made in relation to a debt is a part payment for the purposes of section 20, and is presumed, in the absence of evidence to the contrary, to be a payment of both principal and interest.

12(4)If a creditor takes possession of the property on which the debt is secured, the debtor shall not bring a claim to redeem the property after 15 years from the day the creditor takes possession of the property.