RIGHT OF REDEMPTION

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 what is due, with interest, costs, etc. Not to be confounded with the “equity of redemption,” which exists independently of statute but must be exercised before sale. See Mayer v. Farmers’ Bank, 44 Iowa, 216; Millett v. Mullen, 95 Me. 400, 49 Ati. 871; Case v. Spelter Co., 62 Kan. 69, 61 Pac. 406.