law: Transfer of Property Act, 1882
  69. Power of sale when valid
  (1) 5[***] A mortgagee, or any person acting on his
  
  behalf, shall, subject to the provisions of this section have power to sell or
  
  concur in selling the mortgaged property or any part thereof, in default of
  
  payment of the mortgage-money, without the intervention of the court, in the
  
  following cases and in no others, namely,-
  (a) where the mortgage is an English mortgage,
  
  and neither the mortgagor nor the mortgagee is a Hindu, Mohammedan or Buddhist
  
  or a member of any other race, sect, tribe or class from time to time specified
  
  in this behalf by the State Government, in the Official Gazette;
  (b) where a power of sale without the
  
  intervention of the court is expressly conferred on the mortgagee by the
  
  mortgage-deed and the mortgagee is the government;
  (c) where a power of sale without the
  
  intervention of the court is expressly conferred on the mortgagee by the
  
  mortgage-deed and the mortgaged property or any part thereof was, on the date
  
  of the execution of the mortgage-deed, situate within the towns of Calcutta,
  
  Madras, Bombay, or in any other town or area which the State Government may, be
  
  notification in the Official Gazette, specify in this behalf.
  (2) No such power shall be exercised unless and until-
  (a) notice in writing requiring payment of the
  
  principal money has been served on the mortgagor, or on one of several
  
  mortgagors, and default has been made in payment of the principal money, or of
  
  part thereof, for three months after such service; or
  (b) some interest under the mortgage amounting
  
  at least to five hundred rupees is in arrear and unpaid for three months after
  
  becoming due.
  (3) When a sale has been made in professed exercise of such a
  
  power, the title of the purchaser shall not be 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.
  
  
  (4) The money which is received by the mortgagee, arising from
  
  the sale, after discharge of prior encumbrances, if any, to which the sale is
  
  not made subject, or after payment into court under section 57 of a sum to meet
  
  any prior encumbrance, shall, in the absence of a contract to the contrary, be
  
  held by him in trust to be applied by him, first, in payment of all costs,
  
  charges and expenses properly incurred by him as incident to the sale or any
  
  attempted sale; and, secondly, in discharge of the mortgage-money and costs and
  
  other money, if any, due under the mortgage; and the residue of the money so
  
  received shall be paid to the person entitled to the mortgaged property, or
  
  authorized to give receipts for the proceeds of the sale thereof.
  (5) Nothing in this section or in section 69A applies to powers
  
  conferred before the first day of July, 1882.