Equity of redemption

Equity of redemption
Equity Eq"ui*ty, n.; pl. {Equities}. [F. ['e]quit['e], L. aequitas, fr. aequus even, equal. See {Equal}.] 1. Equality of rights; natural justice or right; the giving, or desiring to give, to each man his due, according to reason, and the law of God to man; fairness in determination of conflicting claims; impartiality. [1913 Webster]

Christianity secures both the private interests of men and the public peace, enforcing all justice and equity. --Tillotson. [1913 Webster]

2. (Law) An equitable claim; an equity of redemption; as, an equity to a settlement, or wife's equity, etc. [1913 Webster]

I consider the wife's equity to be too well settled to be shaken. --Kent. [1913 Webster]

3. (Law) A system of jurisprudence, supplemental to law, properly so called, and complemental of it. [1913 Webster]

Equity had been gradually shaping itself into a refined science which no human faculties could master without long and intense application. --Macaulay. [1913 Webster]

Note: Equitable jurisprudence in England and in the United States grew up from the inadequacy of common-law forms to secure justice in all cases; and this led to distinct courts by which equity was applied in the way of injunctions, bills of discovery, bills for specified performance, and other processes by which the merits of a case could be reached more summarily or more effectively than by common-law suits. By the recent English Judicature Act (1873), however, the English judges are bound to give effect, in common-law suits, to all equitable rights and remedies; and when the rules of equity and of common law, in any particular case, conflict, the rules of equity are to prevail. In many jurisdictions in the United States, equity and common law are thus blended; in others distinct equity tribunals are still maintained. See {Chancery}. [1913 Webster]

{Equity of redemption} (Law), the advantage, allowed to a mortgageor, of a certain or reasonable time to redeem lands mortgaged, after they have been forfeited at law by the nonpayment of the sum of money due on the mortgage at the appointed time. --Blackstone.

Syn: Right; justice; impartiality; rectitude; fairness; honesty; uprightness. See {Justice}. [1913 Webster]

The Collaborative International Dictionary of English. 2000.

Look at other dictionaries:

  • equity of redemption — 1: the right of a defaulting mortgagor to redeem the mortgaged property before an absolute foreclosure 2: the interest or estate remaining to a mortgagor in mortgaged property; also: the value of such interest Merriam Webster’s Dictionary of Law …   Law dictionary

  • equity of redemption — ˌequity of reˈdemption noun [uncountable] LAW FINANCE the right of someone who has borrowed money to buy property to keep their property even if they do not make repayments on the loan for a period of time, but then continue with repayments or… …   Financial and business terms

  • equity of redemption — n. the right of a mortgagor in default to redeem the mortgaged property by paying the principal, interest, and costs within a specified reasonable time …   English World dictionary

  • Equity of redemption — The equity of redemption refers to the right of a mortgagor in law to redeem his property once the liability secured by the mortgage has been discharged.Historically, mortgages were made by the mortgagor executing a conveyance of legal title to… …   Wikipedia

  • equity of redemption — The right, recognized by courts of equity from early times, of a mortgagor, following a breach of the condition of the mortgage, to redeem property from the forfeiture by discharging the obligation secured within a reasonable period; such right… …   Ballentine's law dictionary

  • equity of redemption — 1. the right of a mortgagor to redeem the property by paying the debt, even after default in payment of the sum owed. 2. the interest of an owner of land subject to a mortgage. [1705 15] * * * …   Universalium

  • equity of redemption — 1. : the right of a mortgagor to redeem his property after the term of the mortgage has expired but before an absolute foreclosure has been authorized 2. : the interest or estate remaining to the mortgagor in property mortgaged by him or the… …   Useful english dictionary

  • equity of redemption — noun Law the right of a mortgagor over the mortgaged property, especially the right to redeem the property on payment of the principal, interest, and costs …   English new terms dictionary

  • equity of redemption — noun the right of a mortgagor to redeem the mortgaged property by paying the debt, within a certain time after the due date …   Australian English dictionary

  • equity of redemption — /ˌekwɪti əv rɪ dempʃən/ noun a right of a mortgagor to redeem the estate by paying off the principal and interest …   Dictionary of banking and finance

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