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Effect of acknowledgment on right of action to redeem mortgaged land in mortgagee's possession.
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54.—Where—
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(a) a mortgagee is by virtue of the mortgage in possession of any mortgaged land, and
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(b) the mortgagee acknowledges the title of the mortgagor or his equity of redemption,
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an action to redeem the land in the mortgagee's possession may be brought at any time before the expiration of twelve years from the date of the acknowledgment.
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