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.
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Syllabification: eq·ui·ty of re·demp·tion
Definition of equity of redemption in:
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