SECTION 47. Time for bringing action for possession

If an execution is levied on land or rights the record title to which fraudulently stands in the name of a person other than the debtor and such other person is in possession claiming title thereto, the levy shall be void unless the judgment creditor to whom the land is set off or the purchaser at the sale or a person lawfully claiming under either of them commences his action to recover possession thereof within one year after the recording of the execution and return in the registry of deeds in the case of a levy by set-off or after the recording of the deed therein in the case of a levy by sale; and such land or rights so set off or sold may be redeemed by the defendant in said action or by any person lawfully claiming under him, within three months from the date of the judgment recovered in said action for possession, in the manner and according to the terms and conditions provided in section thirty-three upon payment of the costs of such action for possession.