Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Redemption
n. 1. The act or an instance of reclaiming or regaining possession by paying a specific price. 2. Bankruptcy. A debtor's right to repurchase property from a buyer who obtained the property at a forced sale initiated by a creditor. 3. Securities. The reacquisition of a security by the issuer. ( Redemption usu. refers to the repurchase of a bond before maturity, but it may also refer to the repurchase of stock and mutual-fund shares. - Also termed (in reference to stock) stock redemption; stock repurchase. 4. Property. The payment of a defaulted mortgage debt by a borrower who does not want to lose the property. - redeem, ub. - redeemable, redemptive, redemptional adj.
Redemptioner
A person who redeems; esp., one who redeems real property under the equity of redemption or the right of redemption. See EQUITY OF REDEMPTION; RIGHT OF REDEMPTION.
clog on the equity of redemption
An agreement or condition that prevents a defaulting mortgagor from getting back the property free from encumbrance upon paying the debt or performing the obligation for which the security was given. See EQUITY OF REDEMPTION.
equity of redemption
Real estate. The right of a mortgagor in default to recover property before a foreclosure sale by paying the principal, interest, and other costs that are due. 0 A defaulting mortgagor with an equity of redemption has the right, until the foreclosure sale, to reimburse the mortgagee and cure the default. In many jurisdictions, the mortgagor also has a statutory right to redeem within six months after the foreclosure sale, and the mortgagor becomes entitled to any surplus from the sale proceeds above the amount of the outstanding mortgage. - Also termed right of redemption. See CLOG ON THE EQUITY OF REDEMPTION.
redemption period
The statutory period during which a defaulting mortgagor may recover. property after a foreclosure or tax sale by paying the outstanding debt of redemption price . See PRICE
redemption price
1 The price of a bond that has not reached maturity, purchased at the issuer's option. 2. The price of shares when a mutual-fund shareholder sells shares back to the fund. - Also termed liquidating price; repurchase price.
right of redemption
See EQUITY OF REDEMPTION.
sale with right of redemption
A sale in which the seller reserves the right to retake the goods by refunding the purchase price.
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.
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 REDEMPTION.
stock redemption
See REDEMPTION (3).
tax redemption
See REDEMPTION.