right of redemption

(redirected from Rights of Redemption)

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 transfer is free and clear of rights of redemption and liens other than liens that are senior to the lien of the person who obtained the receiver's appointment.
established statutory rights of redemption that allow the mortgagor to
The four regulatory models for title transactions set out in the Civil Code of Quebec-seller-transfer (right of resolution); seller-retention (instalment sale); lender retention (rights of redemption); and lender-transfer (giving-in-payment)--should be seen as applying to any contract by which a creditor seeks to profit from the transactional logic of one or the other of these models.