(1) The maritime liens relating to a ship set out in section 76 shall be extinguished after a period of one year from the time when the claims secured thereby arose unless, prior to the expiry of such period, the ship has been arrested and the arrest has led to a forced sale under the provisions of the rules of court or any other law in force relating to the sale of property in admiralty proceedings.
(2) The one year period referred to in subsection (1) shall not be subject to interruption or suspension except that time shall not run during the period the lien holder is legally prevented from arresting the vessel.