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equity of redemption

equity of redemption. Real estate. The right of a mortgagor in default to recover property before a foreclosure sale by paying the principal, interest, and other costs that are due. • A defaulting mortgagor with an equity of redemption has the right, until the foreclosure sale, to reimburse the mortgagee and cure the default. In

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locality rule

locality rule. 1. The doctrine that, in a professional-malpractice suit, the standard of care to be applied to the professional’s conduct is the reasonable care exercised by similar professionals in the same vicinity and professional community. [Cases: Health 620.] “With respect to medical doctors (and sometimes dentists and others), the standard of care has been

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heartbalm statute

heartbalm statute. A state law that abolishes the rights of action for monetary damages as solace for the emotional trauma occasioned by a loss of love and relationship. • The abolished rights of action include alienation of affections, breach of promise to marry, criminal conversation, and seduction of a person over the legal age of

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sue and labor clause

sue-and-labor clause. Marine insurance. A provision establishing that the marine insurer will cover the costs incurred by the insured in protecting the covered property from damage or minimizing actual damages to the property. • The clause generally requires the insurer to “sue and labor” to protect the insured party’s interests. — Also termed rescue clause.

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