equity of redemption
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equity of redemption
n.
The right of one with mortgaged property to recover the property after it has been foreclosed upon for breach of the terms of the mortgage by complying with the terms (such as payment of the amount owed) within a reasonable time.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
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
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014