equity of redemption

American  

noun

1. the right of a mortgagor to redeem the property by paying the debt, even after default in payment of the sum owed.

2. the interest of an owner of land subject to a mortgage.

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equity of redemption British  

noun

1. property law the right that a mortgager has in equity to redeem his property on payment of the sum owing, even though the sum is overdue See also foreclose

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Etymology

Origin of equity of redemption

First recorded in 1705–15

Example Sentences

See Examples For:

equity of redemption

FORECLOSURE, in the law of mortgage, the extinguishment by order of the court of a mortgagor’s equity of redemption.

From Encyclopaedia Britannica, 11th Edition, Volume 10, Slice 6 "Foraminifera" to "Fox, Edward" by Various

He may be required by the creditor to elect which of these courses he will adopt, failing which the equity of redemption will vest in the creditor.

From Encyclopaedia Britannica, 11th Edition, Volume 3, Part 1, Slice 2 "Baconthorpe" to "Bankruptcy" by Various

Where the payments on a mortgage have not been met and the instrument has not been foreclosed, the mortgagor has still what is known as an "equity of redemption."

From Business Hints for Men and Women by Calhoun, Alfred Rochefort

“No,” said Mr. Tener, “for he has lost it by refusing the settlement I offered to make, and driving us into proceedings against him, and allowing his six months’ equity of redemption to lapse.”

From Ireland Under Coercion (2nd ed.) (2 of 2) (1888) by Hurlbert, William Henry

Before this shooting Noonan had served a notice from me upon Tully, against whom I have Judge Henn’s decree for three years’ rent, and whose equity of redemption expired July 9th.”

From Ireland Under Coercion (2nd ed.) (2 of 2) (1888) by Hurlbert, William Henry