right 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 ?
After the tax deed is executed and recorded, the municipality owns the real estate, subject only to the very narrow right of redemption, with almost all aspects of property ownership transferring to the municipality.
Contract notice: Provision by rental with right of redemption of a tac for veterinary use
They also demanded the reconveyance of their three-fourth share in the property, their exercise of their right of redemption of Enri's one-fourth share.
If the existing partners do not exercise their right of redemption within fifteen days of publication, then the partner is free to transfer any parts.
In order to protect the right of redemption as to the residential property, the court amended the confirmation order to allocate the sales proceeds to each tract in proportion to its appraised value using the appraisal evidence presented by Ebenezer and Martinez.
Further, homeowners who are foreclosed on should be allowed a 60-day right of redemption that allows them to purchase their home back for 110 percent of the amount for which it was sold at auction.
statutory right of redemption on income as it applies to taxation.
85 per share, with a 7% fixed dividend yield and with a right of redemption after three years at the issued price
David Zube, the Trustee in Bankruptcy, brought an adversary proceeding against Attorney Philippone, claiming Philippone had committed legal malpractice by failing to advise the Carneys to file for bankruptcy prior to June 26, 1997, before which time the automatic stay would have preserved the Carneys' right of redemption to the property subjected to tax sale.
The Department of Taxation and Finance (Department) advised (53) that for apportionment purposes, gift certificates (whether delivered physically or electronically) are not sales of tangible personal property, but are sales of an intangible right of redemption for property or services at some future time.
Partly because of the need to review recent amendments to the Civil Code of Quebec that indicate that the National Assembly is at last beginning to understand the various ways in which title can be deployed as security, Payette devotes considerable attention in this edition to regimes governing the security trust, instalment sales, the finance lease, and the sale with a right of redemption (nos.
They should therefore be prepared, on short notice, to either exercise their right of redemption, to file a bankruptcy proceeding, or to take other steps to protect their interests.