457. When power of sale may be exercised.

457.     When power of sale may be exercised.

The mortgagee may not exercise the power of sale until the notice, where notice is required1, has expired, or until such other event as makes it immediately exercisable; but he may enter into a conditional contract to sell on the power becoming exercisable, and may carry that contract into effect provided that the price is then proper2. The acceptance of a bill of exchange for the amount due only suspends the notice, and on the dishonour of the bill the notice revives and the mortgagee may sell