463. Right of sale as between successive incumbrancers.

463.     Right of sale as between successive incumbrancers.

Where there are successive mortgages, the first mortgagee may exercise his power of sale without the concurrence of the subsequent mortgagees, but he must account to them for the surplus sale money1. A first mortgagee may buy a subsequent incumbrance at a reduced price without communicating to the subsequent incumbrancer an anticipated advantageous sale; and the sale, if afterwards effected, will be valid2. If the second mortgagee exercises his power of sale, he can sell subject to the first mortgage3; or he can sell free from it4, either with