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Right of redemption |
: the right to regain ownership of property by freeing it from a debt, charge, or lien (as by paying to the creditor what is due to release the secured property)
specif
: a mortgagor's statutory right to redeem after a judicial foreclosure and sale
| Based on Merriam-Webster's Dictionary of Law ©2001. Merriam-Webster, Incorporated Published under license with Merriam-Webster, Incorporated. http://www.m-w.com |
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substituted contract
a contract between parties to a prior contract that takes the place of and discharges the obligations under the prior contract
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