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Why the Equity of Redemption?

In: Land and Credit

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  • D. P. Waddilove

    (St. Catharine’s College)

Abstract

This chapter explores why the equity of redemption—the doctrine that a mortgagor remains the true owner of the mortgaged land and may redeem after the date of the mortgage contract—arose. It does so by situating the doctrine in the social context of its origin in early modern England. It shows that several traditional explanations for the equity of redemption, such as the Chancery offering programmatic support for the landed classes, are likely misunderstandings. Instead, the doctrine is best understood as judicial enforcement of social norms related to mortgage debts in preference to legal technicalities. This piece thereby shows that the equity of redemption was a product of the culture of what reasonable people of the period ought to do in difficult cases instead of relying upon their legal rights.

Suggested Citation

  • D. P. Waddilove, 2018. "Why the Equity of Redemption?," Palgrave Studies in the History of Finance, in: Chris Briggs & Jaco Zuijderduijn (ed.), Land and Credit, chapter 0, pages 117-148, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-66209-1_5
    DOI: 10.1007/978-3-319-66209-1_5
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