statutory redemption

The statutory right of a defaulting mortgagor to recover property, within a specified period, after a foreclosure or tax sale, by paying the outstanding debt or charges.

• The purpose is to protect against the sale of property at a price far less than its value. See REDEMPTION PERIOD. [Cases: Mortgages 592. C.J.S. Mortgages §§ 1001–1002.]

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双语律师Julie，国际知名法学院法律专业，擅长翻译各类与证券监管、合规与执法相关的法律文件。