Money arising from a sale is applicable in the first instance to the discharge of any prior incumbrances to which the sale is not made subject or to the payment into court of a sum to meet any prior incumbrance1. The balance or the whole, as the case may be, is held by the mortgagee2 in trust to be applied, first, in payment of all costs, charges and expenses properly incurred by him as incident to the sale, or any attempted sale, or otherwise and, secondly, in discharge
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