Where a creditor in a standard security has effected a sale of the security subjects, or any part thereof, and grants to the purchaser or his nominee a disposition of the subjects sold thereby, which bears to be in implement of the sale, then, on that disposition being duly registered or recorded, those subjects shall be disburdened of the standard security and of all other heritable securities and diligences rankingpari passuwith, or postponed to that security.
Where on a sale as aforesaid the security subjects remain subject to a prior security, the registration or recording of a disposition under the foregoing subsection shall not affect the rights of the creditor in that security, but the creditor who has effected the sale shall have the like right as the debtor to redeem the security.