A mortgagee who has foreclosed and subsequently sold the property is precluded from suing on the covenant for payment1, but this principle does not apply to a sale under the mortgagee's power of sale2 or under the order of the court3, and, if it does not realise enough to pay off the mortgage, he may sue for the deficiency4. The mortgagee may be restrained from suing if he cannot hand back the title deeds5. These principles are applicable not only to real property, but also to shares deposited as security with a broker, so that, if they have been
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