One of the mysteries of the English language finally explained.
The right of a mortgagor over the mortgaged property, especially the right to redeem the property on payment of the principal, interest, and costs.
- ‘On a sale by the receiver, its equity of redemption, if any, is transferred to the proceeds of sale remaining after the holder of the charge is fully paid.’
- ‘The mortgagor may, therefore, be well advised to protect his equity of redemption by serving a ‘stop notice’ on the company.’
- ‘Secondly, once a transaction is identified as a mortgage, the courts ensure that there are no clogs or fetters on the equity of redemption unduly prejudicing the mortgagor.’
- ‘Now, are we to assume in this case that the indebtedness was so serious that there was no equity of redemption left?’
- ‘There is no equity of redemption or specifically enforceable right for the seller to have the securities returned: the agreement simply provides a right to have equivalent securities.’
equity of redemption/ˌekwədē əv rəˈdem(p)SHən/
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