equity of redemptio

EQUITY OF REDEMPTION. A right which the mortgagee of an estate has of 
redeeming it, after it has been forfeited at law by the non-payment at, the 
time appointed of the money secured by the mortgage to be paid, by paying 
the amount of the debt, interest and costs. 
     2. An equity of redemption is a mere creature of a court of equity, 
founded on this principle, that as a mortgage is a pledge for securing the 
repayment of a sum of money to the mortgagee, it is but natural justice to 
consider the ownership of the land as still vested in the mortgagor, subject 
only to the legal title of the mortgagee, so far as such legal title is 
necessary to his security. 
     3. In Pennsylvania, however, redemption is a legal right. 11 Serg. & 
Rawle, 223. 
     4. The phrase equity of redemption is indiscriminately, though perhaps 
not correctly applied, to the right of the mortgagor to regain his estate, 
both before and after breach of condition, In North Carolina by statute the 
former is called a legal right of redemption; and the latter the equity of 
redemption, thereby keeping a just distinction between these estates. 1 N. 
C. Rev. St. 266; 4 McCord, 340. 
     5. Once a mortgage always a mortgage, is a universal rule in equity. 
The right of redemption is said to be as inseparable from a mortgage, as 
that of replevying from a distress, and every attempt to limit this right 
must fail. 2 Chan. Cas. 22; 1 Vern. 33, 190; 2 John. Ch. R. 30; 7 John. Ch. 
R. 40; 7 Cranch, R. 218; 2 Cowen, 324; 1 Yeates, R. 584; 2 Chan. R. 221; 2 
Sumner, R. 487. 
     6. The right of redemption exists, not only in the mortgagor himself, 
but in his heirs, and personal representatives, and assignee, and in every 
other person who has an interest in, or a legal or equitable lien upon the 
lands; and therefore a tenant in dower, a jointress, a tenant by the 
curtesy, a remainder-man and a reversioner, a judgment creditor, and every 
other incumbrancer, unless he be an incumbrancer pendente lite, may redeem. 
4 Kent, Com. 156; 5 Pick. R. 149; 9 John. R. 591, 611; 9 Mass. R. 422; 2 
Litt. R. 334; 1 Pick. R. 485; 14 Wend. R. 233; 5 John. Ch. R. 482; 6 N. H. 
Rep. 25; 7 Vin. Ab. 52. Vide, generally, Cruise, Dig. tit. 15, c. 3; 4 Kent, 
Com. 148; Pow. on Mortg. eh. 10 and 11; 2 Black. Com. 158; 13 Vin. Ab. 458; 
2 Supp. to Ves. Jr. 368; 2 Jac. & Walk. 194, n.; 1 Hill. Ab. c. 31; and 
article Stellionate.