Proviso For Redemption - Law Dictionary Search Results
Home Dictionary Name: proviso for redemptionProviso for redemption
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....
Redemption
Redemption, is the act of redeeming, which in its ordinary meaning is equal to bringing off a charge or obligation by payment--.By the down payment, the entire land revenue to be recovered from that land was redeemed.Redemption, is the act of redeeming, which, in its ordinary meaning is equal to bringing off a charge or obligation by payment, Sarish Chandra v. CLT, AIR 1961 SC 487: (1961) 1 SCJ 495.Redemption. 1. A paying off of a loan (see FUNDS). The term is used especially with reference to the paying off of a mortgage debt. An action of redemption is a suit brought to compel the mortgagee to recover the property to the mortgagor on the latter paying the mortgage debt. See EQUITY OF REDEMPTION; PROVISO FOR REDEMPTION.2. Commutation or the substitution of one lump payment for a succession of annual ones: e.g., see the Land Tax and the Tithe Redemption Acts and many other statutes.Redemption is the act of redeeming which in its ordinary meaning is equal to bringing off a charge or obl...
Mortgage
Mortgage [fr. mort, Fr., dead, and gage, pledge], a deed pledge; a thing put into the hands of a creditor.A mortgage is the creation of an interest in property, defeasible (i.e., annullable) upon performing the condition of paying a given sum of money, with interest thereon, at a certain time. This conditional assurance is resorted to when a debt has been incurred, or a loan of money or credit effected, in order to secure either the repayment of the one or the liquidation of the other. the debtor, or borrower, is then the mortgagor, who has charged or transferred his property in favour of or to the creditor or lender, who thus becomes the mortgagee. If the mortgagor pay the debtor loan and interest within the time mentioned in a clause technically called the proviso for redemption, he will be entitled to have his property again free from the mortgagee's claim; but should he not comply with such proviso, the legal estate becomes perfected in the mortgagee, i.e., indefeasible, and so los...
Equity of redemption
Equity of redemption. Before 1926 the equitable estate or interest left in a person after he had mortgaged his property. Now the right to call for a reconveyance of a legal estate or of an equitable interest in property from the mortgagee on payment of principal, interest and costs. A mort-gagee, although he has become absolute owner of a legal estate in the mortgaged property, on account of the breach of the condition for repayment of the loan within the strict time, is nevertheless compelled to reconvey the legal estate to the mortgagor, who applies to redeem it, on payment of the principal, interest, and costs, Equity treating the breach of the condition as a penalty, and the retention for the mortgagee's own benefit of that which was intended simply as a pledge, as contrary to substantial justice.The right or equity of redemption is an essential attribute of a mortgage; it is inherent in the thing itself, and any provision inserted in the mortgage to defeat the right is void as a '...
Reconveyance
Reconveyance. See PROVISO FOR REDEMPTION; MORTGAGE.The restoration or return of something (esp. an estate or title) to a former owner or holder, Black's Law Dictionary, 7th Edn....
Proviso
Proviso, stipulation, caution, a condition, inserted in any deed, on the performance whereof the validity of the deed depends. As to the proviso for re-entry in a lease, see FORFEITURE (5); CONDITION; USUAL COVENANTS.The terms proviso and condition are synonymous, and signify some quality annexed to a real estate by virtue of which it may be defeated, enlarged, or created upon an uncertain event. Such qualities annexed to personal contracts and agreements are generally called conditions. A proviso or condition differs from a covenant in this, that the former is in the words of, and binding upon, both parties; whereas the latter is in the words of the grantor only. At the same time a proviso or condition may be construed as a covenant or agreement if the proviso involves the consideration upon which the benefit is obtained a fortiori, where words such as 'provided that, and it is hereby agreed' are used. But if no intention that the proviso was intended to be obligatory can be gathered ...
Clog on equity of redemption
Clog on equity of redemption. Any provision inserted in a mortgage to prevent redemption on payment or performance of the debt or obligation for which the security was given is called a 'clog' or fetter on the equity of redemption, and is void; see Santley v. Wilde, (1899) 2 Ch 474. The question as to the exact nature and limits of this old rule of equity has been raised in a number of rcent cases, see G. & C. Kreglinger v. New Patagonia Meat Co., 1914 AC 25, where will be found a discussion of the whole subject. And see EQUITY OF REDEMPTION; MORTGAGE....
redemption
redemption : the act, process, or fact of redeeming see also equity of redemption, right of redemption re·demp·tive [-demp-tiv] adj ...
Suit for redemption
Suit for redemption, a suit for redemption is thus defined by this section as a suit for enforcement of right to redeem, and that right of redeem consists of the three reliefs which the mortgagor is entitled to under clauses (a), (b) and (c) mentioned above, on payment or tender, at a proper date and place, of the mortgage money. Consequently, a suit can be said to be a suit for redemption if the three rights enumerated in this section as constituting the right to redeem are claimed in the suit, K. Manick Chand v. Elias Saleh Mohd Sait, AIR 1969 SC 751 (758): (1969) 1 SCC 206. (Transfer of Property Act, 1882, s. 60)...
Proviso, Trial by
Proviso, Trial by. Where the plaintiff after issue joined did not proceed to trial when he ought to have done so, the defendant might, under the practice before the Judicature Acts, have the action tried by proviso; he might give the plaintiff notice of trial, make up the record, carry it down and enter it, and proceed to the trial as if he were proceeding as plaintiff. The right to try by proviso was expressly saved by (English) C.L.P. Act, 1852, s. 116, but a defendant seldom tried by proviso, as the better course was to take proceedings under the repealed s. 101 of the (English) C.L.P. Act, 1852; see now R.S.C. Ord. XXVII....
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