A clause sometimes inserted in mortgages and deeds of trust, giv-lng the mortgagee (or trustee) the rlght and power, on default in the payment of the debt secured, to advertise and sell the mortgaged property at public auction (but without re4 sorting to a court for authority), satisfy the creditor out of the net proceeds, convey by deed to the purchaser, return the surplus, If any, to the mortgagor, and thereby divest
Source: Black’s Law Dictionary 2nd Ed (1910)
