- legal right of redemption
- The right of a mortgagor, in a jurisdiction where a mortgage has the effect of vesting title in the mortgagee, to pay the mortgage debt and thus avoid the effect of the mortgage as a transfer of title. Stevens v Turlington, 186 NC 191, 119 SE 210, 32 ALR 870, 873.
Ballentine's law dictionary. Anderson, W.S.. 1998.
Look at other dictionaries:
Right Of Redemption — The legal right of any mortgagor or borrower who owns real estate to reclaim his or her property. Right of redemption gives property owners who pay off the back taxes or liens on their property the ability to prevent foreclosure or the auctioning … Investment dictionary
right of redemption — the legal right to regain ownership of property that one has formerly enjoyed by freeing it from a debt, charge, or lien, (as by paying to the creditor what is due to release the secured property) compare equity of redemption … Useful english dictionary
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right — As a noun, and taken in an abstract sense, means justice, ethical correctness, or consonance with the rules of law or the principles of morals. In this signification it answers to one meaning of the Latin jus, and serves to indicate law in the… … Black's law dictionary
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equity of redemption — ˌequity of reˈdemption noun [uncountable] LAW FINANCE the right of someone who has borrowed money to buy property to keep their property even if they do not make repayments on the loan for a period of time, but then continue with repayments or… … Financial and business terms