The right to disincumber property or to free it from a claim or lien; specifically, the right (granted by statute only) to free property from the incumbrance of a foreclosure or other judicial sale, or to recover the title passing thereby, by paying due, with interest, costs, etc. Not to be confounded with the ” equity of redemption ,” which exists independently of statute but must l;e exercised before sale. See Mayer v. Farmers’ Bank, 44 Iowa, 216; Millett v. Mullen, 90 Me. 400, 49 Atl. 871; Case v. Spelter Co., 02 Kau. 69, 01 Pac. 406.
Black’s Law Online Dictionary
