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.