47(1)A mortgagee exercising the power of sale conferred by section 44 may convey the property sold, for such estate and interest therein as is the subject of the mortgage, freed from all estate, interests and rights to which the mortgage has priority, but subject to all estates, interests and rights that have priority to the mortgage.

47(2)Where a conveyance is made in professed exercise of the power of sale conferred by section 44, the title of the purchaser is not impeachable on the ground that no case had arisen to authorize the sale, or that due notice was not given, or that the power was otherwise improperly or irregularly exercised; but any person damnified by an unauthorized or improper or irregular exercise of the power shall have his remedy in damages against the person exercising the power.

47(3)The money which is received by the mortgagee arising from the sale shall be held by him in trust to be applied by him:

47(4)The power of sale conferred by section 44 may be exercised by any person for the time being entitled to receive and give a discharge for the mortgage money.

47(5)The power of sale conferred by section 44 does not affect the right of foreclosure.

47(6)The mortgagee, his executors, or assigns, shall not be answerable for any involuntary loss happening in or about the exercise or execution of the power of sale conferred by section 44, or of any trust connected therewith.

47(7)When the power of sale conferred by section 44 has become exercisable, the person entitled to exercise the same may demand and recover from any person, other than a person having in the mortgaged property an estate, interest, or right in priority to the mortgage, all the deeds and documents relating to the property, or to the title thereto, that a purchaser under the power of sale would be entitled to demand and recover from him.