The money arising from the sale of mortgaged property, under the regulations hereinbefore prescribed, shall, after deduction of costs of sale, be paid to the person foreclosing the mortgage, and when there shall be any
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surplus, after paying off such mortgage or other encumbrance, the same shall be paid to junior encumbrances in the order of their priority, to be ascertained by the court, or if there be no such encumbrances, or there be a surplus after payment of such encumbrances, then to the mortgagor or his agent, or to the person entitled to it. SOURCE: CCP § 727.