(1) Where -

(a) any right of action has accrued to recover any debt, and

(b) the person liable therefor acknowledges the debt,

the right of action shall be deemed to have accrued on and not before the date of the acknowledgment.

(2) Where -

(a) the right of action of a mortgagee of land to recover the mortgage debt has accrued, and

(b) the person in possession of the land acknowledges the mortgagee's title to the land,

the right of action shall be deemed to have accrued on and not before the date of the acknowledgment.