1. Where the mortgagee fails to pay the secured debt on the maturity the debt, the mortgagor may, after the lapse of (7) seven days from the date of notifying the debtor of repayment, request the court to authorize him to sell the mortgaged item. The request shall be considered on an urgent basis, and the court shall decide the sale method. 2. The mortgagee shall, by exercising the lien, collect his debt, including the principal amount, interests and expenses paid in the course of claiming his debt, from the price generated from the sale.
Interpretation and application must be checked against the official text and current version.