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Extinction of right of mortgage or chargeant to principal sum secured by mortgage or charge on personal property after expiration of period for action to recover principal sum.
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39.—At the expiration of the period fixed by this Act for a mortgagee or chargeant to bring an action to recover a principal sum of money secured by a mortgage or charge on personal property (other than a ship), the right of the mortgagee or chargeant to the principal sum and interest shall be extinguished.
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