This right is referred to as the " equity of redemption ".
2.
The depositor would retain an equity of redemption and all the rights which that implies.
3.
Historically the equity of redemption would naturally expire upon the mortgagor breaching the terms of repayment.
4.
Since the 17th century, lenders have not been allowed to carry interest in the property beyond the underlying debt under the equity of redemption principle.
5.
In real estate, foreclosure is the termination of the equity of redemption of a mortgagor or the grantee in the property covered by the mortgage.
6.
However, in modern times, extinguishing the equity of redemption ( and leaving the mortgagee with absolute title to the property ) ordinarily requires a court order in most jurisdictions.
7.
The method by which the holder of the security will resort to the property will ordinarily involve its sale or, more rarely, the extinction of the equity of redemption by foreclosure.
8.
It was unthinkable to have such a person govern a major colony, and in 1708 the Lord Chancellor ruled that " the equity of redemption still remained in William Penn and his heirs ."
9.
Such impediments are " clogs " on the equity of redemption, and the courts of equity were particularly astute in striking down any provision which was, or in later cases, which may be, a clog.
10.
""'Vernon v Bethell " "'( 1762 ) 28 ER 838 is an English property law case, where it was affirmed that there could be no clog on the equity of redemption.
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