Proviso For Redemption - Definition - Law Dictionary Home Dictionary Definition proviso-for-redemption

Definition :

Proviso for redemption. The condition in a conveyance upon mortgage whereby if the mortgagor pays to the mortgagee the principal, interest, and any other moneys secured by the mortgage on a specified day, the mortgagee becomes bound to reconvey the mortgaged property to the mortgagor at any time at his request and cost. By the Law of Property Act, 1925, s. 115, a receipt of the person entitled to give a receipt (see statutory form) for the moneys secured by the mortgage endorsed on or written at the foot if, or annexed to the mortgage operates as a surrender or release of the mortgagee's term or as a reconveyance of all the mortgaged interest or property, and in either case a discharge of all the moneys secured by the mortgage without any other reconveyance, surrender or release. See MORTGAGE.