X borrowed money from a bank, secured by a mortgage on the land of Y, his close friend

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X borrowed money from a bank, secured by a mortgage on the land of Y, his close friend. When the loan matured, Y offered to pay the bank but it refused since Y was not the borrower. Is the bank's action correct? Yes, since X, the true borrower, did not give his consent to Y's offerto pay 0 No, since anybody can discharge X's obligation to his bene?t No, since Y, the owner of the collateral, has an interest in the payment of the obligation Yes, since it was X who has an obligation to the bank