580.02 REQUISITES FOR FORECLOSURE.
To entitle any party to make such foreclosure, it is requisite:
(1) that some default in a condition of such mortgage has occurred, by which the power to
sell has become operative;
(2) that no action or proceeding has been instituted at law to recover the debt then remaining
secured by such mortgage, or any part thereof, or, if the action or proceeding has been instituted,
that the same has been discontinued, or that an execution upon the judgment rendered therein has
been returned unsatisfied, in whole or in part;
(3) that the mortgage has been recorded and, if it has been assigned, that all assignments
thereof have been recorded; provided, that, if the mortgage is upon registered land, it shall be
sufficient if the mortgage and all assignments thereof have been duly registered.
History: (9603) RL s 4458