equity of redemption
Definitions
The advantage, allowed to a mortgager, of a certain or reasonable time to redeem lands mortgaged, after they have been forfeited at law by the non-payment of the sum of money due on the mortgage at the appointed time.
Examples
“This reasonable advantage, allowed to mortgagors, is called the equity of redemption : and this enables a mortgagor to call⟳ on the mortgagee , who has possession of his estate , to deliver⟳ it back and account for the rents and profits received”
CEFR level
C1
Advanced
This word is part of the CEFR C1 vocabulary — advanced level.
This word is part of the CEFR C1 vocabulary — advanced level.
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