legal right of redemption

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. . 1998.

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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

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