(1) Subject as hereinafter in this section provided, the right of action to recover any land shall, in a case where -

(i) on falling into possession of future interest.

(a) the estate or interest claimed was an estate or interest in reversion or remainder or any future estate or interest, and

(b) no person has taken possession of the land by virtue of the estate or interest claimed,

be deemed to have accrued on the date on which the estate or interest fell into possession by the determination of the preceding estate or interest.

(ii) where previous owner out of possession.

(2)

(a) If the person entitled to the preceding estate or interest, not being a term of years absolute, was not in possession of the land on the date of the determination thereof, no action shall be brought by the person entitled to the succeeding estate or interest after the expiration of twelve years from the date on which the right of  accrued to the person entitled to the preceding estate or interest, or of six years from the date on which the right of action accrued to the person entitled to the succeeding estate or interest, whichever period last expires.