EQUITY OF REDEMPTION Definition & Meaning

equity of redemption

noun

the right of a mortgagor to redeem the property by paying the debt, even after default in payment of the sum owed.
the interest of an owner of land subject to a mortgage.

equity of redemption

noun

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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�y��vlog History and Origins

Origin of equity of redemption¹

First recorded in 1705–15

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Example Sentences

Examples have not been reviewed.

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

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

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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.

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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.

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

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