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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词条贡献者

法律翻译Jenna，欧洲顶尖商学院国际经济法专业，专注翻译各类与投资基金和私募股权有关的法律文件。