Definition of equity of redemption in English:
The right of a mortgagor over the mortgaged property, especially the right to redeem the property on payment of the principal, interest, and costs.
- There is no equity of redemption or specifically enforceable right for the seller to have the securities returned: the agreement simply provides a right to have equivalent securities.
- The mortgagor may, therefore, be well advised to protect his equity of redemption by serving a ‘stop notice’ on the company.
- On a sale by the receiver, its equity of redemption, if any, is transferred to the proceeds of sale remaining after the holder of the charge is fully paid.
Definition of equity of redemption in:
- British & World English dictionary