(1) Where a person is registered as owner of land with a title which is or is deemed to be a possessory title, neither he nor any person claiming through him shall, by reason only of the registration, be, in respect of that land, a trustee for the purposes of the Statute of Limitations, 1957.
(2) Subsection (1) is in substitution for paragraph (c) of subsection (2) of section 2 of the Statute of Limitations, 1957, repealed by this Act.