37.1109 Power unaffected by transfer-Surplus after sale.

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No sale or transfer by the mortgagor shall impair or annul any right or power of attorney given in the mortgage to the mortgagee to sell or transfer the mortgaged property, as attorney or agent of the mortgagor. When public sale is made of the mortgaged property under this chapter, the remainder of the proceeds, if any, shall be paid over to the owner of the mortgaged property, after deducting the amount of claim and all attendant expenses.

History: 1978, PL 15-83; 1979, PL 16.48 § 1.