Jerry wants to purchase a flat.So he borrows $50,000 from XYZ bank.He signs a note for $50,000 and gives the bank a $50,000 mortgage on the flat as security for his repayment of loan.Within a year and a half,Jerry repays the entire loan.After the repayment of the loan,which of the following right does Jerry have against XYZ bank?

Question

Quizplus · Accepted Answer

The right of redemption gives a person the absolute right to discharge the mortgage when due and to have title to the mortgaged property restored free and clear of the mortgage debt.

Jerry Wants to Purchase a Flat