equity of redemption

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.

Origin:
1705–15

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Collins
World English Dictionary
equity of redemption
 
n
property law See also foreclose the right that a mortgager has in equity to redeem his property on payment of the sum owing, even though the sum is overdue

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
Appellant contends that the trial court should have treated the contract as a
  mortgage giving him an equity of redemption.
Upon motion of the owner of the equity of redemption, the court shall appoint a
  second appraiser in its decree.
They claim the entire surplus as owners of the equity of redemption.
Additionally, he argues that the equity of redemption in the property provides
  another source of value for the estate.
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