(1) An acknowledgement of a debt shall bind the person making it and his successors but not any other person.

(2) An acknowledgement of a statute-barred debt shall not bind any successor of the person giving it on whom the liability devolves on the determination of any previous interest in property under a settlement taking effect before the date of the acknowledgement.

(3) An acknowledgement of title to any land by any person in possession thereof shall bind all other persons in possession during the ensuing period of limitation.

(4) An acknowledgement by one of several personal representatives of any claim to the movable estate of a deceased person or to any share or interest therein shall bind the estate of the deceased person.

(5) Where two or more mortgagees are by virtue of the mortgage in possession of the mortgaged land, an acknowledgement of the mortgagor's title or of his equity of redemption by one of the mortgagees shall only bind him and his successors and shall not bind any other mortgagee or his successors.

(6) Where the mortgagee by whom the acknowledgement is given as aforesaid is entitled to a part of the mortgaged land and not to any ascertained part of the mortgage debt, the mortgagor shall be entitled to redeem that part of the land on payment, with interest, of the part of the mortgage debt which bears the same proportion to the whole of the debt as the value of the part of the land bears to the whole of the mortgaged land.

(7) Where there are two or more mortgagors, and the title or right to redemption of one of the mortgagors, is acknowledged as aforesaid, the acknowledgement shall be deemed to have been made to all the mortgagors.