I have come across a situation:

Does a Securitised Home Loan - i.e one with say SA Home loans prescribe after 3 years of non payment of the debt, when there is NO Judgement taken and no acknowledgment of the debt etc etc. Also the creditor has not attempted to collect on the debt either.

I looked at the Act and it's 6 years for Notarial Contracts, Could the Indemnity Bonds that they register be classified as a Notarial Contract as it is registered at the Deeds Office?

I looked at the paperwork and its and Indemnity Bond that is registered at the Deeds Office and the other Agreement is a Loan Agreement. There is no personal surety on the Loan Agreement as the property was the security. I'm trying to find if there is on the Indemnity Bond.

If it does prescribe what happens to the property that the Bank have cession over?