(1) The limitation of a claim for which a mortgage, ship mortgage or security right exists does not prevent the obligee from seeking satisfaction of their claim out of the object encumbered.
(2) If a right has been procured for the purpose of securing a claim, then the retransfer of the right may not be demanded on the basis of the claim having become statute-barred. If title has been retained, then the rescission of the contract may be effected even if the secured claim is statute-barred.
(3) Subsections (1) and (2) do not apply to the limitation of claims to interest and other recurring obligations.