After entering into possession on default of the mortgagor in repaying the mortgage, the mortgagee is obliged to give account in strict form and is not entitled to make a profit from the action. The mortgagee need only advertise or sell the property in the normal manner and accept the highest price even though that may be below market value. However, this is subject to provisions under company law. The power and conditions of sale are under the relevant sections of the Act.

A mortgagee cannot profit from being mortgagee over and above that allowed in the mortgage agreement and under the Act. The remedies allowed the mortgagee upon default of the mortgagor are against the security of the land, and the mortgagor personally.