The right to dislncumber property or to free it from a claim or lien; specifically, the right (grant-ed 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 tie confounded with the “equity of redemption,” which exists inde-pendently of statute but must be exercised before sale. See Mayer v. Farmers’ Bank, 44 Iowa, 216; Millett v. Mullen, 95 Me. 400, 49 Atl. 871; Case v. Spelter Co., 62 Kan. 69, 61 Pac. 406
Source: Black's Law Dictionary 2nd Ed (1910)
