54. Effect of acknowledgment on right of action to redeem mortgaged land in mortgagee's possession.

Where -

(a) a mortgagee is by virtue of the mortgage in possession of any mortgaged land, and

(b) the mortgagee acknowledges the title of the mortgagor or his equity of redemption,

an action to redeem the land in the mortgagee's possession may be brought at any time before the expiration of twelve years from the date of the acknowledgment.