POWER OF SALE

A clause sometimes inserted in mortgages and deeds of trust giving the mortgagee (or trustee) the right and power, on default in the payment of the debt secured, to advertise and sell the mortgaged property at public auction (but without resorting to a court for authority), satisfy the creditor out of the net proceeds, convey by deed to the purchaser, return the surplus, if any, to the mortgagor, and thereby divest the latter’s estate entirely and without any subsequent right of redemption. See Capron v. Attleborough Bank, 11 Gray (Mass.) 493; Appeal of Clark, 70 Conn. 195, 39 Atl. 155.