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consolidation of mortgages


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The right of a mortgagee who has taken mortgages on two or more properties from the same mortagor to require the mortgagor to redeem all of the mortgages or none, provided that the contractual date of redemption (see power of sale) for all of them has passed. The right arose because it was considered unfair to a mortgagee to have one security redeemed when another, given by the same mortgagor, might be inadequate to secure that loan. Since 1881 at least one of the mortgage deeds must show an intent to allow consolidation for the mortgagee to exercise the right. Compare tacking.

Subjects: Law.


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