The simpler case is that of two mortgages of different parcels of land made by one mortgagor to one mortgagee.

The right to consolidate is lost if the two mortgages originally held by one person are assigned to different persons or if one of the mortgages has ceased to exist (x).

(1) The mortgagee may consolidate as against the original mortgagor who remains the owner of the equity of redemption in both parcels.

(2) The mortgagee may consolidate as against any person who becomes the owner of the equity of redemption of either parcel subsequently to the making of the two mortgages, the assignee in such case taking subject to the equities affecting the land, including the consummate or inchoate right of consolidation (y). Thus the mortgagee may consolidate as against the heir of the mortgagor (z), or his assignee in bankruptcy (a), or as against a puisne mortgagee or purchaser of one of the parcels (b).

(w) See Sec. Sec. 84 and 85, infra. The examples stated are those of two mortgages only, but the same principle would apply in the cast of three or more mortgages, in each case it is assumed that the conditions already discussed are fulfilled, that is, that in respect of all or both the mortgages the contractual right to redeem is gone and that the person seeking to redeem has merely an equity of redemption. The cases are first stated without reference to the Registry Act, and the qualifications effected by that act are discussed separately.

(x) In re Raggett, Ex parte Williams, 1880, 16 Ch.D. 117.

(y) A mortgagee cannot, as against the assignee of the equity of redemption of one parcel, consolidate with his original mortgage a mortgage on another parcel created by the same mortgagor after the assignment of the equity of redemption. Jennings v. Jordan, 1881, 6 App. Cas. 698; Pledge v. White, [1896] A.C. 187, at p. 196, 18 R.C. 264, at pp. 272-3; cf. Harter v. Colman, 1882, 19 Ch.D. 630. The subsequent act of the mortgagor cannot prejudice the earlier assignee of the equity of redemption.

(z) Margrave v. Le Hooke, 1690, 2 Vern. 207.