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equity of redemption

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equity of redemption

 
Use equity of redemption in a Sentence
–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. 2009.
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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.
The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Legal Dictionary

Main Entry: equity of redemption
1 : the right of a defaulting mortgagor to redeem the mortgaged property before an absolute foreclosure
2 : the interest or estate remaining to a mortgagor in mortgaged property; also : the value of such interest
Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
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