(Civ. Code, § 3532) The power of sale is a part of the security and is a power coupled with an interest that survives the death of the trustor-debtor. (Civ. Code, § 2932.5; New York Life Ins. Co. v. Doane (1936) 13 Cal.App.2d 233, 238 [ 56 P.2d 989].) If the mortgagee fails to present a claim against the trustor's estate, his recourse is limited to the mortgaged property.
(4) When a debt secured by a mortgage becomes unenforceable because of the creditor's failure to initiate enforcement actions before the statute of limitations has lapsed, the creditor is barred not only from suing on the debt but also from realizing the security either by judicial foreclosure ( Aguilar v. Bocci (1974) 39 Cal.App.3d 475, 477 [ 114 Cal.Rptr. 91]) or by exercise of the power of sale. ( New York Life Ins. Co. v. Doane (1936) 13 Cal.App.2d 233, 238 [ 56 P.2d 989].) This statute of limitations defense is deemed a "personal" defense waivable by the debtor ( Prussing v. Prussing (1939) 35 Cal.App.2d 508, 515 [ 96 P.2d 128]).