An action, defense, or counterclaim to an action based upon title to the property or entitlement to the rents or profits from the property shall be brought:

             (1) not later than seven years after the act on which it is based; and

             (2) by the ancestor, predecessor, or grantor of the person who owned or possessed the property for seven years before the act in Subsection (1) took place.

Renumbered and Amended by Chapter 3, 2008 General Session