The Court held that a mortgagor's equity of redemption requires payment of all amounts due and owing under the mortgage, not merely the undisputed portion of the debt. Where a court has varied a judgment sum but a dispute remains as to additional amounts claimed by the mortgagee, the mortgagor cannot compel discharge of the mortgage by tendering only the undisputed sum, as this would leave the mortgagee unsecured for the disputed balance. A stay of execution of a possession order was also refused where the proposed refinance was conditional on the new lender obtaining a first-ranking mortgage that could not be achieved without the discharge the court had declined to order, and where the mortgagor's prolonged default and declining property values weighed against further delay.
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