The state of North Dakota will not sue any person for or in respect to any real property or the issues or profits thereof by reason of the right or title of the state to the same, unless:
1. Such right or title has accrued within forty years before any action or other proceeding for the same shall be commenced; or 2. The state or those from whom it claims have received the rents and profits of such real property or of some part thereof within the space of forty years.