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 repayment of the loan,which of the following rights does Jerry have against XYZ bank?
A)Right to foreclosure
B)Right to reimbursement
C)Right of subrogation
D)Right of redemption

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