EQUITY OF REDEMPTION. A right which the mortgagor 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, in terest, and costs.
The phrase equity, of redemption is indiscrimi nately, though often ineorreotly, 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 re demption, and the latter the equity of redemption, thereby keeping a just distinction between these estates. 1 No. C. Rev. Stat. 266; 4 M'Cord, So.C. 340. The interest is reeogbized at law for many purposes: as a subsisting estate, although the mortgagor in order to enforce his right is obliged to resort to an equitable proceeding, administered generally in courts of equity, but in some states by courts of law, 11 Serg. & R. Penn. 223, or in some states may pay the debt and have an aotion at law. 18 Johns. N. Y. 7, 110 ; 1 Halst. N. J. 466 : 2 Harr. & Md. 9.
2. This estate in the mortgagor is one which he may devise or grant, 1 Washburn, Real Prop. 544, and which is governed by the same rules of devolution or descent as any other' estate in lands. 10 Conn. 243 ; 2 Sim. & S. Ch. 323 ; 2 Hare, Ch. 35. He may mortgage it, 1 Pick. Mass. and it is liable for his debts, 3 Meto. Mass. 81 ; 21 Me. 104 ; 7 Watts, Penn. 475 ; 15 Ohio, 437 ; 1 Caines, Cas. N. Y. 47 ; 4 B. Monr. Ky. 429 ; 31 Miss. 253. 20 Ill. 53 ; 7 Ark. 269 ; 1 Day, Conn. 93 ; 4 M'Cord, Si. C. 333 ; Ala. Code, 1852, 0 2455 ; Conn.
Chap. Laws, 1854, I 197 ; Thompson, Dig. Fla. Laws, 335 ; Mich. Comp. Laws, 1857, ' 938 ; No. C. Rev. Code, 1854, c. 45, 0 5 ; but' see 7 Paige, Ch. N. Y. 437 ; 7 Dan. Ky. 67 ; 14 Ala. N. s. 476 ; 23 Miss. 206 ; 2 Dougl.Mich. 176 ; 24 Mo. 249 ; 13 Pet. 294 ; and in many other cases, if the mortgagor still retains pos-, session, he is held to be the owner. 5 Gray, , Mass. 470, note; 11 N. H. 293 ; 22 Conn. 587 ; 13 111. 469 ; 34 Me. 89 ; 5 Wend. N. Y. 603 ; 23 Barb. N. Y. 490.
3. Any person who is interested in the mortgaged estate, or any part of it, having a legal estate therein, or a legal or equitable lien thereon, provided he comes in as privy in estate with the mortgagor, may exercise the right; including heirs, devisees, executors, administrators, and assignees of the mort gagor, Coote, Mortg. 516 ; 2 Root, Conn. 509 ; 2 Hayw, No. C. 22 ; 14 Vt. 501 ; 10 Paige, Ch. N. Y. 49 ; 9 Mass. 422; subsequent in cumbrancers, 5 Johns. Ch. N. Y. 35 ; 2 Barb. Ch. N. Y. 371; 1 Dan. Ky. 23 ; 8 Cush. Mass. 46 ; judgment creditors, 2 Litt. Ky. 382 ; 4 Alen. & M. Va. 101 ; 4 Yerg. Tenn. 10 ; 2 Cal. 595 ; 2 Dcv. & B. Eq. No. C. 285 ; tenants for years, 8 Metc. Mass. 517 ; 7 N. Y. 44; a joint ress, 1 Vern. Ch. 190 ; 2 White & L. Lead. Cas. 752 ; dowress and tenant by curtesy, 14 Pick. Mass. 98 ; one having an easement. 22 Vick. Mass. 401.
See, generally, Coote, Mortg. 516 ; 1 Wash burn, Real Prop.-544; and an essay by C. F. Wolcott, Esq., of Boston, 23 Bost. essay Rep. 193, 286.