Rights of Redemption financial definition of Rights of Redemption
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
, 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
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.