A piece of land called Blackacre is subject to a mortgage in favour of Henri.The mortgage was used to secure a debt that Sophie owed to him.Sophie defaulted upon payment of that debt.Henri can extinguish her equity of redemption by exercising his right to take possession of Blackacre.

Question

Quizplus · Accepted Answer

Henri taking possession of Blackacre does not extinguish Sophie's equity of redemption; it merely enforces the security interest. Sophie retains the right to redeem the property by paying off the debt until the foreclosure process is legally completed and her rights are formally extinguished.

A Piece of Land Called Blackacre Is Subject to a Mortgage