474. Effect of sale.

A sale under a power of sale destroys the equity of redemption in the mortgaged property1. Consequently, the sale defeats the rights of all subsequent incumbrancers, whose remedy then is only against the proceeds of sale2. The sale constitutes the mortgagee exercising the power of sale as trustee of the surplus proceeds, if any, after satisfying his own charge, first for the subsequent incumbrancers, and ultimately for the mortgagor3