Both the securities which the mortgagee claims to consolidate must be in existence at the time when the claim is made1. There is no right to apply a surplus on an existing mortgage to make good a debt secured by a mortgage which has ceased to exist by reason of the determination of its subject matter, such as a life interest2 or a lease3. In such a case, the debt formerly secured by the mortgage has ceased to be a secured debt, and a mortgagee who has in his hands a surplus from a realised security may not, as
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