Correct option is B
The doctrine of consolidation is incorporated under
Section 61 of the Transfer of Property Act, 1882. According to this section, when a mortgagor has executed multiple mortgages in favor of the same mortgagee for different properties, the mortgagee may consolidate these mortgages. The mortgagor cannot redeem one mortgage without redeeming all the others together unless there is an agreement to the contrary
Information Booster
What is the Doctrine of Consolidation?
The doctrine of consolidation is a legal concept in mortgage law that applies when a mortgagor has mortgaged several properties to the same mortgagee at different times. Under this doctrine, the mortgagee has the right to demand the repayment of all the mortgages together, preventing the mortgagor from redeeming one property without redeeming all the mortgaged properties.
This doctrine aims to protect the mortgagee from the risk of receiving partial payment for one mortgage while the other mortgages remain unpaid. However, this right to consolidate is subject to certain conditions, including:
· The mortgages must be created by the same mortgagor.
· The mortgages must be held by the same mortgagee.
· The properties mortgaged may be separate but must be mortgaged for securing different loans under different mortgages.
