64. Effect of payment 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 receives any payment from the mortgagor in respect of the principal or interest of the mortgage debt,

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 payment.