equity of redemption

English

Noun

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.
   • 1765–1769, William Blackstone, Commentaries on the Laws of England, (please specify |book=I to IV), Oxford, Oxfordshire: […] Clarendon Press, →OCLC:

     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

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 The imported definitions may be significantly out of date, and any more recent senses may be completely missing.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, Springfield, Mass.: G. & C. Merriam, 1913, →OCLC.)