equity-redemption

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

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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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

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