Renegotiation and secured credit: Explaining the equity of redemption

From: Vanderbilt Law Review | Date: April 1, 1999| Author: | Copyright information

The prohibition against "clogging the equity of redemption" has been enforced by the courts for centuries. Yet the traditional justifications (invoking fairness or unfair bargaining power) offered for this central premise of mortgage law are rather unconvincing, particularly in the commercial con text. After describing and critiquing the traditional view, this Article lays out an alternative justification for the equity of redemption, stressing the role of the law in fostering efficient renegotiation upon default. This view explains why the equity of redemption cannot be waived in the initial ...

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