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English definition of “equity of redemption”

equity of redemption

noun [S]     LAW, PROPERTY
the legal right to own a property after having paid a mortgage on it, even if some payments have been late: Where the payments on a mortgage have not been met and the instrument has not been foreclosed, the mortgagor still has what is known as an equity of redemption.
(Definition of equity of redemption noun from the Cambridge Business English Dictionary © Cambridge University Press)
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