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.

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 overdueSee also foreclose

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