statutory right of redemption

statutory right of redemption. The right of a mortgagor in default to recover property after a foreclosure sale by paying the principal, interest, and other costs that are owed, together with any other measure required to cure the default. • This statutory right exists in many states but is not uniform. See EQUITY OF REDEMPTION; REDEMPTION(4). [Cases: Mortgages 591–624. C.J.S. Mortgages §§ 57–61, 66–67, 565, 991–1090, 1092–1093.]

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词条贡献者

资深译员Lynn，知名国际商学院金融专业，专注翻译各种与贷款人责任及其他银行业与金融机构诉讼有关的法律文件。