Power of Sale


Also found in: Financial.

Power of Sale

A clause commonly inserted in a mortgage and deed of trust that grants the creditor or trustee the right and authority, upon default in the payment of the debt, to advertise and sell the property at public auction, without resorting to a court for authorization to do so.

Once the creditor is paid out of the net proceeds, the property is transferred by deed to the purchaser, and the surplus, if any, is returned to the debtor. The debtor is thereby completely divested of any interest in the property and has no subsequent right of redemption—recovery of property by paying the mortgage debt in full.

References in periodicals archive ?
However, the method of disposing of the hotel brought controversy between the anti-corruption commission and CBK since the latter decided to use its statutory power of sale.
may properly invoke the statutory power of sale as granted to the mortgagee by the plain, unambiguous language of the Mortgage," Justice Rubine held.
On July 7, 2004, Sun Life, mortgagor of the Vaughan Harvey Property, previously filed and gave public notice of its intent to sell the Vaughan Harvey Property unless the mortgage, principal and interest together with costs of the power of sale were paid by 11:00 a.
Western Union is leveraging the power of Sales Cloud, Community Cloud, Analytics Cloud and App Cloud to automate earlier paper-based processes.
com)-- In this Soundview Live webinar, How to Unleash the Power of Sales Culture, Todd Cohen will demonstrate that if you adopt a sales culture, you'll sell more and sell smarter because you won't every have to sell by yourself.
As part of the eDesktop release, the company also introduced Entellium eMobile, a wireless application that puts the power of sales force automation under one thumb on a smart phone.