When will a mortgagee be able to sue for the balance owing of a loan which has been foreclosed?

Lord Phillimore then states that Perry v. Barker (1806) 13 Ves. 198; 33 ER 269 determined which of these courses the law would take. In that case Lord Erskine concluded that if the mortgagee has parted with the foreclosed property he must be restrained by a perpetual injunction from suing upon the covenant. In modern times courts have not resorted to a perpetual injunction. Rather the same result is reached by a rule of law that a mortgagee who has foreclosed cannot sue for the balance owing unless he is in a position to return the land. This was the more arbitrary of the two possible courses open to the law since sale is not the only means of proving value. Arbitrary or not the rule derived from Perry v. Barker (supra) remains.