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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
1705-1715
1705-15
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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British Dictionary definitions for equity-redemption

equity of redemption

noun
1.
(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
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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