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

译者Eric，毕业于国内一流的高级翻译学院，擅长翻译各种与娱乐与传媒诉讼相关的法律文件。