equity of redemption

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equity of redemption (uncountable)

  1. (law) 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.
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Part or all of this entry has been imported from the 1913 edition of Webster’s Dictionary, which is now free of copyright and hence in the public domain. The imported definitions may be significantly out of date, and any more recent senses may be completely missing.
(See the entry for equity of redemption in
Webster’s Revised Unabridged Dictionary, G. & C. Merriam, 1913.)