Judicial Dictionary - R
Judicial Dictionary
Legislative Dictionary
Redemption
Category | R |
---|---|
Title | Redemption |
Details | Redemption as general term meaning to set loose or release a person from bondage Redemption is the right of an owner to redeem or reclaim property by paying the debt after default, together with interest and costs, and before sale at foreclosure. If the plaintiffs wish to redeem the first two mortgages they must redeem them entirely and cannot ask for their own share only. They must pay the entire mortgage money and if that is so, they must obtain the entire property under mortgage. [Muhammad Hussain vs. Inayat Ali, PLD 1952 Lah. 372] The right of redemption is governed by the principle of indivisibility of the mortgage security. Neither the mortgagor nor the mortgagee can have any relief inconsistent with this principle unless there is any special stipulation in the mortgage bond or any subsequent arrangement between all the parties concerned, authorising a departure. In the absence of such stipulation or arrangements the owner of a fragment of the right of redemption cannot redeem his share unless the mortgagee or all the mortgagees where there are more mortgagees than one, has or have acquired in whole or in part the share of a mortgagor. His right is a right to redeem the entire mortgage and he can enforce this right even though the mortgagee is willing to allow him to redeem his share only. [Sm. Sabeda Khatun vs. Nayeb Ali, 5 DLR 31] See, section 60 of the Transfer of Property Act, 1882. |
Created On | May 2, 2011, 5:43 AM |
Hits | 563 |