I would like to know your authority for saying that a specialty debt cannot be extended indefinitely. As far as I know there are no 'longstops' in this area of limitation law. The sections of the LA 80 are quite specific and it would need the CA or House of Lords to interpret it otherwise. I have read very extensively on limitation issues (my main reference has been 'Limitation of Actions', Oughton, Lowery and Merkin, LLP Reference Publishing, 1998 + Law Comm Rpt). If you know differently, please share this info.(posted 7969 days ago)There IS some doubt about limitation periods regarding shortfall debts - the question raised by Tupper - what is their status where there is no longer a mortgage deed - are they then simple contracts or, even though there is no deed any more, are they specialties?
Barclays Bank v Beck and Nat West Bank v Kitch would indicate that they will be treated as specialties, although these cases did not actually deal with shortfalls. See also Global v Jones and Securum Finance v Ashton ( if you have a copy of CA or House of Lords on the latter I would be grateful for a copy.
There may also be issues relating to MIGs and subrogation. Can it be argued that the contract insurance is a simple contract or does subrogation give the insurer all the lender's rights?(see section 5 Mercantile Law Amendment Act 1856).
My empolyer, by the way, is the National Association of Citizens Advice Bureau (and I am a solicitor).
I still think your original posting was/is misleading.
Guy