Search Results for: RULE, THE

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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procedure

procedure. 1. A specific method or course of action. 2. The judicial rule or manner for carrying on a civil lawsuit or criminal prosecution. — Also termed rules of procedure. See CIVIL PROCEDURE; CRIMINAL PROCEDURE.

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volunteer

volunteer. 1. A voluntary actor or agent in a transaction; esp., a person who, without an employer’s assent and without any justification from legitimate personal interest, helps an employee in the performance of the employer’s business. 2. The grantee in a voluntary conveyance; a person to whom a conveyance is made without any valuable consideration.

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