The right of the mortgagee, given by a statute or the terms of the mortgage, to sell the property upon default is called

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The right of the mortgagee to sell the property upon default is commonly referred to as a power of sale. This is usually granted in the terms of the mortgage contract or by a specific statute. The mortgagee can then sell the property without needing to go through the court system, hence the term "power of sale".

The Right of the Mortgagee, Given by a Statute or the Terms