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

In this position the assailant was called an addictus, for he was regularly sold, without even the equity of redemption being allowed to him.

From Project Gutenberg

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

From Project Gutenberg

This right of the mortgagor to relief is termed his “equity of redemption.”

From Project Gutenberg

But the right must be exercised within a reasonable time, otherwise he will be foreclosed his equity of redemption and the mortgagee’s possession converted into an absolute ownership.

From Project Gutenberg

An action is brought by the mortgagee against the mortgagor in the chancery division of the High Court in England, claiming that an account may be taken of the principal and interest due to the mortgagee, and that the mortgagor may be directed to pay the same, with costs, by a day to be appointed by the court and that in default thereof he may be foreclosed his equity of redemption.

From Project Gutenberg