(1) An acknowledgment of title to any land by any person in possession thereof shall bind all other persons in possession during the ensuing period of limitation.

(2) Where -

(a) two or more mortgagees of land are by virtue of the mortgage in possession of the land, and

(b) one only of the mortgagees (in this subsection referred to as the acknowledgor) gives an acknowledgment of the mortgagor's title or of his equity of redemption,

the following provisions shall have effect -

(i) the acknowledgment shall bind only the acknowledgor and his successors and shall not bind any other mortgagee or his successors;