right of redemption

(redirected from Redemption Right)

Right of redemption

The right to recover property that has been attached by paying off the debt .

Right of Redemption

In foreclosure or repossession, the right of a borrower to receive back the stated property before it is re-sold (and sometimes after it is re-sold) in exchange for repaying the debt guaranteed by the property that was foreclosed or repossessed. The length of time one has the right of redemption varies, but it can be for up to one year.

right of redemption

The statutory right to redeem property either after it has been set for foreclosure or sometimes after the foreclosure itself. Postforeclosure redemption rights typically belong to the borrower,to any other persons with interests in the property,and to creditors of the borrower.It gives such persons the right to buy the property from the foreclosure purchaser,even if the purchaser was the lender, for the foreclosure price plus accrued interest at a statutorily set rate.The right of redemption may extend as long as one year in some states.

References in periodicals archive ?
The arbitral tribunal appointed by the Redemption Board of the Finland Chamber of Commerce has today confirmed in an interim award that SSAB AB's (publ) ("SSAB") redemption right in accordance with the Finnish Companies Act over the minority shares in Rautaruukki Corporation ("Rautaruukki ") is clear, and that SSAB is entitled to obtain ownership of Rautaruukki's minority shares by posting a security approved by the arbitral tribunal for the payment of the redemption price and the interest accruing thereon.
JDSU (NASDAQ: JDSU) (TSX: JDU) reported that according to the terms of the Indenture governing its 1% senior convertible notes due 2026, certain holders of the notes have surrendered their notes for purchase by JDSU, exercising their redemption right under the Indenture.
If the Company exercises such a redemption right, holders of the Warrant will have 30 days to exercise the Warrants.
According to the court, the redemption right does not create "an existing, unconditional, and legally enforceable obligation for the payment.
iPath ETNs generally have a daily redemption right and investors can trade them on an exchange at market prices.
If the bank does not exercise its redemption right, the coupon rate for the remaining five years of the term will be three percent higher than the original, it said.
Separately, the company said it is exercising its optional redemption right to call in all the outstanding high yield bonds on March 17, saying it will significantly reduce its future finance charges.
Each shareholder is to receive one (1) redemption right per share held (regardless of series of share) and three (3) redemption rights entitle the shareholder to request redemption of one (1) share (regardless of series of share) in the Company.
Provided that the arbitral tribunal appointed by the Redemption Board of the Finland Chamber of Commerce on September 25, 2014 confirms that SSAB's redemption right is clear, SSAB is legally entitled to acquire title to the remaining shares in Rautaruukki by posting a security approved by the arbitral tribunal for the payment of the redemption price.
It first argued that it was the parties' intent that the payments be treated as interest and that the redemption right itself created a debt.
As a result, SSAB has today informed Rautaruukki that the redemption right and obligation under the Finnish Companies Act in respect of the Rautaruukki shares held by minority shareholders has arisen.
If the servicer of the securitized portfolio exercises the redemption right and purchases the loans, then the proceeds of that purchase will be used first to pay off the notes and certain fees and costs and the remainder will be paid to Origen as the holder of the residual trust certificate.