A mortgagee who holds several distinct mortgages over different properties owned by the same mortgagor which are redeemable, not under the right of redemption expressly reserved by the mortgage deeds, but only by virtue of the equity of redemption arising after default in payment at the fixed day1, may, within certain limits, and against certain persons who are entitled to redeem all or some of the mortgages, consolidate the mortgages, that is, treat them as one, and decline to be
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