equitable right to redeem

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The mortgagor's right to pay off the loan secured on his property, even after the date to redemption as stated in the mortgage deed has passed, and have the mortgage discharged. The court may strike down any term that provides a collateral advantage to the mortgagee, or any clogs or fetters on the equitable right to redeem if it determines that the clog or fetter unfairly interferes with the mortgagor's inviolable right to redeem. Such collateral advantages or clogs or fetters are generally contained within the terms of the mortgage (although not exclusively so: see Lewis v Frank Love Ltd [1961] 1 WLR 261 (Ch) and include such provisions as an option to purchase (Samuel v Jarrah Timber & Wood Paving Corporation Ltd [1904] AC 323 (HL) or a * solus tie (Noakes & Co Ltd v Rice [1902] AC 24 (HL).

Subjects: Law.

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