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Renegotiation And Secured Credit: Explaining The Equity Of Redemption, Marshall E. Tracht

Vanderbilt Law Review

"In general, all persons able to contract are permitted to determine and control their own legal relations by any agreements which are not illegal, or opposed to good morals or to public policy; but the mortgage forms a marked exception to this principle."'

I. INTRODUCTION "Once a mortgage, always a mortgage." This cryptic comment, oft-repeated, summarizes a central tenet of mortgage law: The equity of redemption is essential, immutable, and unwaivable. In other words, every mortgage borrower has the right, at any time after default, to redeem the collateral by repaying the debt until the lender has completed a "foreclosure" …

Property And Economic Liberty As Civil Rights: The Magisterial History Of James W. Ely, Jr., Douglas W. Kmiec

Vanderbilt Law Review

This formidable six-volume collection by respected Vanderbilt legal historian, James W. Ely, Jr., is a paean to property as a civil right. The argument of the volumes is made through selected essays by multiple authors, covering colonial time to the present day. It is property, Ely writes in the series introduction, that secures individual autonomy from government coercion, prevents an over-concentration of political authority generally, and encourages investment and economic development., Ely knows the main lesson of history is remembering. The vast literature on the institution of private property, until now, was not sufficiently culled, digested, and assembled, however, to …