(1) Subject to the provisions of § 18-50-114 and notwithstanding the terms of the mortgage, a power of sale is implied in every mortgage of real property situated in this state that is duly acknowledged and recorded.
(2) The exercise of the implied power of sale shall be pursuant to the provisions of this chapter.
(3) A mortgagor and his or her successor in interest shall have the rights and duties of a grantor, and a mortgagee and his or her successor in interest shall have the rights and duties of a trustee and a beneficiary.
(4) The mortgagee shall comply with §§ 18-50-103 — 18-50-107, 18-50-109, and 18-50-110 [repealed], and the mortgagee's deed shall comply with § 18-50-111.