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equity of redemption

   Also found in: Legal, Financial, Wikipedia 0.01 sec.
equity of redemption
n.
The right of one who has mortgaged property to redeem that property upon payment of the sum due within a reasonable amount of time after the due date.

equity of redemption
n
(Law) 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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This right from that time was named the equity of redemption.
However, it is equally established that such surplus money is not "a general asset of the owner of the equity of redemption but stands in place of the land for all purposes of distribution among persons having vested interests or liens upon the land.
 
 
 
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