EQUITABLE RIGHT TO REDEEM

This is the right which arises after the legal date for redemption has passed.The mortgage agreement will provide a legal date within which the mortgagor should have paid.If he fails to pay on or before the legal due date, his legal right to redeem will be extinguished on that date. Before the Conveyancing Act of 1881/1882, if the mortgagor failed to pay the loan on a contractual date, he lost his right to property but was still bound to pay the debt.Equity, however,

Credit - hummingbirdlaw.com 

will allow redemption on a date later than the contractual date. In other words, you have the legal right of redemption on or before the legal due date; you have the equitable right of redemption after the legal due date. The right to redeem in equity is therefore a right given in contradiction to the declared terms of the contract between the parties: Salt v. Marques of Northampton (18920 AC, 18.This right may be exercised at any time before the right is destroyed by foreclosure or sale.

To be continued with EQUITY OF REDEMPTION

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