Legal Definition and Related Resources of Equity Of Redemption

An estate in land and the person entitled to same is in equity the owner of the land. Clarke v Revburn, 8 Wall. 318, 19 L.Ed. 354. The right of a mortgagor , upon payment of the mortgage debt, to a reconveyance of the legal estate which was vested in the mortgagee by reason of the mortgage. Any agreement made by the parties contemporaneously with the mortgage, stipulating for any advantage beyond this principal , interest and costs , in favor of the mortgagee will be considered a clog on the equity of redemption and will be void. Clarke v Revburn ( supra ); Also, Peugh v Davis, 96 U.S. 332, 24 L.Ed. 775. The right to redeem is lost by statute of limitations, by release of the equity of redemption to the mortgage and by a final order of foreclosure , although in certain circumstances, even after the foreclosure, a mortgagor may be allowed to redeem. Chicago, D. & V.R. Co. v Fosdiek, 106 U.S. 47, 1 S.Ct. 10. The right to redeem may also be exercised by anyone whose interest is derived from the mortgagor in the land. Alexander v Roderiguez, (Villa v Roderiguez) 12 Wall 323, 20 L.Ed. 406.

A right which the mortgagee of an estate has of redeeming it after it has been forfeited at law by the nonpayment, at the time appointed, of the money secured by the mortgage to be paid, by paying the amount of the debt, interest, and costs. The phrase “equity of redemption” is indiscriminately, though often incorrectly, applied to the right of the mortgagor to regain his estate, both before and after breach of condition. In North Carolina, by statute, the former is called a “legal right of redemption,” and the latter the “equity of redemption,” thereby keeping a just distinction between these estates.’ 1 Rev. St. N. C. 266; 4 McCord (S. C.) 340. The interest is recognized at law for many purposes. As a subsisting estate, although the mortgagor, in order to enforce his tight, is obliged to resort to an equitable proceeding, administered generally in courts of equity, but in some states by courts of law (11 Serg. & R. [Pa.] 223), or in some states he may pay the debt, and have an action at law (18 Johns. [N. Y.] 7, llO; 1 Halst. [N. J.] 466; 2 Har. & McH. [Md.] 9).

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Equity Of Redemption in Historical Law

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Search for legal acronyms and/or abbreviations containing Equity Of Redemption in the Legal Abbreviations and Acronyms Dictionary.

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Clog On Equity Of Redemption, Foreclosure, Redemption.

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This definition of Equity Of Redemption is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.

Vocabularies (Semantic Web Information)

Equity of redemption in the United States

Equity of redemption in Connecticut

In Connecticut, a mortgagee (more about mortgages in the U.S.) [creditor] has legal title to the mortgaged property (see worldwide) and the mortgagor [debtor] has equitable title, also called the equity of redemption. Barclays Bank of New York v. Ivler, 20 Connecticut (provision) App. 163, 565

English Legal System: Clog On The Equity of Redemption

In the context of the English law, A Dictionary of Law provides the following legal concept of Clog On The Equity of Redemption : Any provision in a *mortgage deed to prevent redemption on payment of the debt or performance of the obligation for which the security was given. Such provisions are void. An example is an option contained in the mortgage deed for the mortgagee to purchase the mortgaged property before or after the mortgage has been redeemed. Unconscionable provisions in a mortgage (for example, one to prevent redemption for 100 years) are also void. However, a company may issue irredeemable *debentures. A provision that would otherwise be unconscionable may be valid if the transaction containing it is a commercial arrangement rather than a mortgage. Thus, such provisions in mortgages of public houses or garages by their tenants or owners to breweries or oil companies will be upheld, provided that they do not infringe the contractual rules against *restraint of trade. Under the Unfair Terms in Consumer Contracts Regulations 1994 unfair redemption penalties may also be subject to challenge.

English Legal System: Equity of Redemption

In the context of the English law, A Dictionary of Law provides the following legal concept of Equity of Redemption : The rights of a mortgagor over his mortgaged property, particularly the right to redeem the property. This right of redemption allows a mortgagor to redeem the mortgaged property at any time on payment of principal. interest, and costs, even after the contractual date of redemption, as stated in the mortgage deed, has passed. Any *clogs on the equity of redemption are void, but the mortgagor’s rights may be terminated under certain circumstances (See mortgage).

Before 1926 a mortgage was commonly effected by the transfer of the mortgagor’s interest in the property to the mortgagee, but the mortgagor’s rights were recognized by equity. Since 1925 the mortgagor retains legal ownership of the property in all cases: the term equity of redemption is still used, however, although the right to redeem is no longer strictly an equitable interest.

Concept of Equity of Redemption in the context of Real Property

A short definition of Equity of Redemption: Properly, the right to pay off the lien of a mortgage which is in default by payment of the principal, interest, and costs which are due. Often confused with the redemption period after the foreclosure sale, which is a right established by statute.

Concept of Equity of Redemption in the context of Real Property

A short definition of Equity of Redemption: Properly, the right to pay off the lien of a mortgage which is in default by payment of the principal, interest, and costs which are due. Often confused with the redemption period after the foreclosure sale, which is a right established by statute.