This section is from the book "The Law Of Mortgages Of Real Estate", by John Delatre Falconbridge. Also available from Amazon: Real Estate Law.
The statute of James, so far as it was applied by analogy or otherwise to claims to real property, was superseded in England by the Real Property Limitation Act of 1833 (3 & 4 W. 4, c. 27) and in Upper Canada by a similar statute of 1834 (4 W. 4, c. 1). The general period of limitation stated in these statutes was twenty years, but in 1874 by 37 & 38 V. c. 57 (operative from the 1st of January, 1879) the period under the English statute was reduced to twelve years, and in the same year by 38 V. c. 16 (operative with some exceptions from the 1st of July, 1876) the period in Ontario was reduced to ten years.
(l) Lord Hardwicke in Anon., 1746, 3 Atk. 313. See also Bon-ney v. Ridgard, 1784, 1 Cox's Cas. in Ch. 145, at p. 149; Barron v. Martin, 1815, 19 Ves. 327.
(m) 2 W. & T.L.C. Eq. 6th ed., pp. 1219-1220. As to the present law respecting the effect of the disability of the person entitled to-redeem, see Sec. 278; as to effect of an acknowledgment of title by the mortgagee, see Sec. 281; as to effect of the mortgagor's possession of part of the mortgaged lands, see Sec. 280.
The provisions of these statutes relating to actions or other proceedings to recover money charged upon or payable out of land or rent have been already discussed (n). Those relating to actions for possession, foreclosure or sale, and redemption will next be considered (o).
Owing to the changes made from time to time in the statutes of limitations, it has sometimes become necessary to decide the question whether the statute in force at the time of action brought or that in force at the time when the right accrues should govern. The correct rule would seem to be that if an action is brought to enforce an alleged right, or if in a pending action a claim is made by amendment, the cause of action is governed by the appropriate statute of limitations which is in force at the time of the bringing of the action or of the making of the amendment, as the case may be (p), but in some cases the court seems to have acted on the rule that the governing statute is the statute which was in force when the right accrued (q).
 
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