Section 97 — Property Law Act 2007: Equity of redemption

97 Equity of redemption (1) The current mortgagor or any other person entitled to redeem mortgaged property may redeem it in accordance with this subpart at any time before it has been sold, under a power of sale, by the mortgagee or a receiver. (2) The mortgagee must, on payment to the mortgagee of all amounts and the performance of all other obligations secured by the mortgage, at the expense of the current mortgagor or other person seeking to redeem the mortgaged property, discharge the property from the mortgage in accordance with section 83 . (3) Subsection (2) does not apply if a request is made to the mortgagee under section 102 for the mortgage to be transferred. Compare: 1952 No 51 s 81(1), (5)