equity of redemption Hear it!

equity of redemption definition

equity of redemption

the right of a mortgagor in default to redeem the mortgaged property by paying the principal, interest, and costs within a specified reasonable time

Webster's New World College Dictionary Copyright © 2009 by Wiley Publishing, Inc., Cleveland, Ohio.
Used by arrangement with John Wiley & Sons, Inc.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.