Section 17-103. Agreements waiving the statute of limitation

1. A promise
  to waive,  to  extend,  or  not  to  plead  the  statute  of  limitation
  applicable  to an action arising out of a contract express or implied in
  fact or in law, if made after the accrual of the  cause  of  action  and
  made,  either  with or without consideration, in a writing signed by the
  promisor or his agent is effective, according to its terms,  to  prevent
  interposition  of  the defense of the statute of limitation in an action
  or proceeding commenced within the time that would be applicable if  the
  cause  of  action  had arisen at the date of the promise, or within such
  shorter time as may be provided in the promise.
    2. A promise to waive, to extend, or  not  to  plead  the  statute  of
  limitation  may be enforced as provided in this section by the person to
  whom the promise is made or for whose benefit it is expressed to be made
  or by any person who, after the making of the promise,  succeeds  or  is
  subrogated to the interest of either of them.
    3.  A  promise  to  waive,  to  extend, or not to plead the statute of
  limitation has no effect to extend  the  time  limited  by  statute  for
  commencement  of  an action or proceeding for any greater time or in any
  other manner than that provided in  this  section,  or  unless  made  as
  provided in this section.
    4. This section
    a.  does not change the requirements or the effect with respect to the
  statute of limitation, of an acknowledgment or  promise  to  pay,  or  a
  payment  or part payment of principal or interest, or a stipulation made
  in an action or proceeding;
    b. does not affect the power of the court to find that  by  reason  of
  conduct  of  the  party to be charged it is inequitable to permit him to
  interpose the defense of the statute of limitation; and
    c. does not apply in any respect to a cause of action to  foreclose  a
  mortgage  of real property or a mortgage of a lease of real property, or
  to a cause of action to recover a judgment affecting the title to or the
  possession, use or enjoyment of real property, or a  promise  or  waiver
  with respect to any statute of limitation applicable thereto.