equity of redemption

the equity of redemption is the real and beneficial estate in the land, and may be sold and conveyed in any of the ordinary modes of transfer, subject only to the lien of the mortgage

A right ■which the mortgagee of an estate has of redeeming it after it has been forfeited at law by the nonpayment, at the time appointed, of the money secured by the mortgage to be paid, by paying the amount of the debt, interest, and costs. The phrase "equity of redemption" is indiscriminately, though often incorrectly, applied to the right of the mortgagor to regain his estate, both before and after breach of condition. In North Carolina, by statute, the former is called a "legal right of redemption," and the latter the "equity of redemption," thereby keeping a just distinction between these estates.' 1 Rev. St. N. C. 266; 4 Mc Cord (S. C.) 340. The interest is recognized at law for many purposes. As a subsisting estate, although the mortgagor, in order to enforce his tight, of equity, but in some states by courts of law (11 Serg. & R. [Pa.] 223), or in some states he may pay the debt, and have an action at law (18 Johns. [N. Y.] 7, llO; 1 Halst. [N. J.] 466; 2 Har. & McH. [Md.] 9).

The right of the mortgagor of an estate to redeem the same after it has been forfeited, at law, by a breach of the condition of the mortgage, upon paying the amount of debt, interest and costs. Navassa Guano Co. v. Richardson, 26 S. C. 401, 2 S. E. 307 ; Sellwood v. Gray, 11 Or. 534, 5 Pac. 196; Pace v. Bartles, 47 N. J. Eq. 170, 20 Atl. 352; Simons v. Bryce, 10 S. C. 373.

Defined under Equity in Black's Law Dictionary.

The right which equity gives to a mortgagor, of redeeming his mortgaged estate after the appointed period has gone by, for repayment of the sum of money which was due on the mortgage. Holthouse, 2 Bl, Com, 158, 169. 1 Steph, Com. 284, 285. 4 Kent's Com, 158, 162. 2 Cra Jbb's Real Prop, 898, § 2261, et.seq. It is a Species of equitable estate, and is considered to be the real and beneficial estate, tantamount to the fee at law. 1 Steph, Com. 328. 4 Kent's Com, 169. In Pennsylvania it is a legal right. 11 Serg, (& B, 223.

is a right which the mortgagee of an estate has of redeeming it, after it has been forfeited at law by the nonpayment at the time appointed of the money secured by the mortgage to be paid, by paying the amount of the debt, interest and costs. An equity of redemption is a mere creature of a court of equity, founded on this principle, that as a mortgage is nothing more than a pledge for securing the repayment of a sum of money to the mortgagee, it is but natural justice to consider the ownership of the land as still vested in the mortgagor, subject only to the legal title of the mortgagee, so far as such legal title is necessary to his security. In Pennsylvania, however, redemption is a legal right. 11 Serg. & Rawle, 223. The right of redemption exists, not only in the mortgagor himself, but in his heirs, and personal representatives, and assignee, and in every other person who has an interest in, or a legal or equitable lien upon the lands; and therefore a tenant in dower, a jointress, a tenant by the curtesy, @ remainder-man and a reversioner, a judgment-creditor, and every other incumbrancer, unless he be an incumbrancer pendente lite c. 3; 4 Kent, Com. 148; 1 Pow. on Mortg. ch. 10 and 11; 2 Black. Com. 158; 13 Vin. Ab. 458; 2 Supp. to Ves. Jr. 368; 2 Jac. & Walk. 194, n. ' ERASURE, contracts, evidence, is the obliteration of a writing; it will render it void or not under the same Circumstances as an interlineation, (q.v.) Vide 5 Pet. S. C. R. 560.