Description: To enforce a right of pre-emption whether the right is founded on law or general usage or on special contract.
Period of limitation: One year.
Time from which period begins to run: When the purchaser takes under the sale sought to be impeached, physical possession of the whole or part of the property sold, or, where the subject-matter of the sale does not admit of physical possession of the whole or part of the property, when the instrument of sale is registered.