7 Extinction of obligations by prescriptive periods of twenty years.S
(1)If, after the date when any obligation to which this section applies has become enforceable, the obligation has subsisted for a continuous period of twenty years—
(a)without any relevant claim having been made in relation to the obligation, and
(b)without the subsistence of the obligation having been relevantly acknowledged,
then as from the expiration of that period the obligation shall be extinguished:
Provided that in its application to an obligation under a bill of exchange or a promissory note this subsection shall have effect as if paragraph (b) thereof were omitted.
(2)This section applies to an obligation of any kind (including an obligation to which section 6 of this Act applies), not being an obligation [F1to which section 22A of this Act applies or an obligation] specified in Schedule 3 to this Act as an imprescriptible obligation [F2or an obligation to make reparation in respect of personal injuries within the meaning of Part II of this Act or in respect of the death of any person as a result of such injuries] [F3or any obligation to pay damages arising from liability under section 148 or section 149 of the Building Safety Act 2022 (see section 18ZD of this Act).]
Textual Amendments
F1Words inserted by Consumer Protection Act 1987 (c. 43, SIF 109:1), ss. 6, 41(2), 47(1)(2), Sch. 1 para. 8
F2Words added by Prescription and Limitation (Scotland) Act 1984 (c. 45, SIF 97), ss. 5(3), 6(1), Sch. 1 para. 2
F3Words in s. 7(2) inserted (28.6.2022) by Building Safety Act 2022 (c. 30), ss. 151(3), 170(3)