(1) No action shall be brought to recover any principal sum of money secured by a mortgage or charge on property, whether movable or immovable (other than a ship) after the expiration of twelve years from the date when the right to receive the money accrued.

(2) The right to receive any principal sum of money secured by a mortgage or charge shall not be deemed to accrue so long as the property subject to the mortgage or charge comprises any future interest or any life insurance policy which has not matured or been determined.

(3) No action shall be brought to recover arrears of interest payable in respect of any sum of money secured by a mortgage or charge on movable or immovable property (other than a ship), or to recover damages in respect of such arrears, after the expiration of six years from the date on which the interest became due.

(4) Where a prior mortgagee or other encumbrancer has been in possession of the property charged, and an action is brought within one year of the discontinuance of such possession by a subsequent encumbrancer, he may recover by that action all the arrears of interest which fell due during the period of possession of the prior encumbrancer or damages in respect thereof, notwithstanding that the period exceeded six years.

(5) Where the property subject to a mortgage or charge comprises any future interest or life insurance policy, and it is a term of the mortgage or charge that arrears of interest shall be treated as part of the principal sum secured by the mortgage or charge, interest shall not be deemed to become due before the right to receive the principal sum of money has accrued or is deemed to have accrued.

(6) At the expiration of the period fixed by this Decree for a mortgagee or chargee to bring an action to recover a principal sum of money and interest secured by a mortgage or charge on movable property (other than a ship), the right of the mortgagee or chargee to the principal sum and interest shall be extinguished.