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 The Comic History of Rome by Becket, Gilbert Abbott ?

The Cumberland fellow that sold Grainger the house—only the equity of redemption of it, by the way—there's a large mortgage on it—can prove nothing.

From The Experiences of a Barrister, and Confessions of an Attorney by Warren, Samuel

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

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