Where -
(a) the right of a mortgagee of land to bring an action to recover the land has accrued, and
(b) either -
(i) the person in possession of the land acknowledges the mortgagee's title to the land, or
(ii) the person in possession of the land or the person liable for the mortgage debt acknowledges the debt,
the right of action shall be deemed to have accrued on and not before the date of the acknowledgment.