Redeem

Tacking

Tacking. Before 1926 the law was that, 'if a third mortgagee buys in the first mortgage, though it be pendente lite, pending a bill brought by the second mortgagee to redeem the first, yet the third mortgagee having obtained the first mortgage and got the law on his side, and equal equity, he shall thereby squeeze out the second mortgagee', Brace v. Duchess of Marlborough, (1728) 2 P Wms 491, per Jekyll, M.R. This process was called 'tacking.' But the third mortgagee could not tack unless he made his original advance without notice of the mesne incumbrance: see Marsh v. Lee, (1669) 2 Vent 337; 1 Ch Cas 162; 1 W&TLC. The tacking mortgagee gained this right by virtue of his legal title under the first mortgage, and by the operation of the rule that where the equities (as those under the second and third mortgage) are equal the law shall prevail. 'Tacking' must not be confounded with 'consolida-tion' of mortgages. See that title.By the Vendor and Purchaser Act, 1874, s. 7, tacking was abo...

Redemptive

Serving or tending to redeem redeeming as the redemptive work of Christ...

Redemptory

Paid for ransom serving to redeem...

Charging order

Charging order, an order obtained from a court or judge under the (English) Judgments Acts, 1838 and 1840 (1 & 2 Vict. c. 110), s. 14, and (3 & 4 Vict. c. 82), s. 1, and (English) R. S.C. 1883, Ord. XLVI., charging the stocks or funds of a judgment debtor with the judgment debt.Solicitor's Costs.--The (English) Solicitors' Act, 1932 (22 & 23 Geo. 5, c. 37), s. 69, enables any court in which a solicitor has been employed to prosecute or defend a suit to make a charging order in favour of the solicitor of the successful party for his taxed costs upon the property 'recovered or preserved' through the instrumentality of such solicitor, and the court may make such orders for taxation of and for raising and payment of such costs out of the property as shall appear just and proper, and all conveyances and acts done to defeat, or which shall operate to defect, such charge, unless made to a bona fide purchaser for value without notice, will be absolutely void as against th charge; but no such o...

Condition in the statutory provision

Condition in the statutory provision, denotes a covenant or agreement which affects the right to redeem the goods on the one side, or the right to seize them on the other, but does not defeat or limit the operation of the bill, Stott v. Show and Lee Ltd., (1928) 2 KB 26 (UK) Halsbury's Laws of England, Vol. 4(1), para 731, p. 338....

To purchase back to regain possession of by payment of a stipulated price to repurchase...

Dismortgage

Dismortgage, to redeem from mortgage....

Replegiare

Replegiare, to redeem a thing detained or taken by another, by giving sureties....

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 '...

Jus retractus

Jus retractus, means the right of retraction. (1) The right of certain relatives of one who has sold immovable property to repurchase it. (2) A debtor's right, upon sale of the debt by the creditor, to have a third person redeem it within a year for the price paid by the purchaser, Black's Law Dictionary, 7th Edn., p. 868....

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