31(1)The taking of security or a promissory note or bill of exchange for, or the taking of any other acknowledgment of, the amount of a lien or any part thereof, or the extension of the time for the payment thereof, or the taking of proceedings for the recovery of a personal judgment therefor, or said judgment, does not merge, prejudice, or destroy the lien unless the lienholder agrees in writing that it has that effect.

31(2)Where a promissory note, bill of exchange or other security, taken or accepted as mentioned in subsection (1), is discounted or negotiated by the lienholder, the discounting or negotiation does not prejudice or destroy the lien; but the lienholder shall retain the lien for the benefit of the holder of the promissory note, bill of exchange, or other security.

31(3)Where a lienholder extends the time for payment of indebtedness in respect of which he has filed a claim of lien, subsection (1) does not apply either to the lien or otherwise to the case, unless the lienholder commences an action to enforce the lien, and registers a certificate of pending litigation, within the time prescribed in this Act, and, in such case, he shall take no further proceedings in the action until the expiration of the period by which the time is extended; but where a lienholder gives an extension of time as mentioned in this subsection, if any other person commences an action to enforce a lien against the same land, the lienholder may, in such action, prove and obtain payment of the amount of the indebtedness as if no extension had been given.