Equity Of Redemption in United States

Equity Of Redemption Definition

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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Legal Issue for Attorneys

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).

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