law: Transfer of Property Act, 1882
  68. Right to sue for mortgage-money
  (1) The mortgagee has a right to sue for the mortgage-money in
  
  the following cases and no others, namely,-
  (a) where the mortgagor binds himself to repay
  
  the same;
  (b) where, by any cause other than the
  
  wrongful act or default of the mortgagor or mortgagee, the mortgaged property
  
  is wholly or partially destroyed or the security is rendered insufficient
  
  within the meaning of section 66, and the mortgagee has given the mortgagor a
  
  reasonable opportunity of providing further security enough to render the whole
  
  security sufficient, and the mortgagor has failed to do so;
  (c) where the mortgagee is deprived of the
  
  whole or part of his security by or in consequence of the wrongful act or
  
  default of the mortgagor;
  (d) where, the mortgagee being entitled to
  
  possession of the mortgaged property, the mortgagor fails to deliver the same
  
  to him, or to secure the possession thereof to him without disturbance by the
  
  mortgagor or any person claiming under a title superior to that of the mortgagor:
  
  
  PROVIDED that, in the case referred to in clause (a), a
  
  transferee from the mortgagor or from his legal representative shall not be
  
  liable to be sued for the mortgage-money.
  (2) Where a suit is brought under clause (a) or clause (b) of
  
  sub-section (1), the court may, at its discretion, stay the suit and all
  
  proceedings therein, notwithstanding any contract to the contrary, until the
  
  mortgagee has exhausted all his available remedies against the mortgaged
  
  property or what remains of it, unless the mortgagee abandons his security and,
  
  if necessary, re-transfers the mortgaged property.