Right of Redemption — Waiver

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Real estate sold for debt shall be redeemable at any time within two (2) years after such sale:

  1. Where it is sold under execution;
  2. Where it is sold under any decree, judgment, or order of a court of chancery, whether founded upon a foreclosure of a mortgage, or deed of trust, or otherwise, unless, upon application of the complainant, the court orders that the property be sold on a credit of not less than six (6) months, nor more than two (2) years; and that, upon confirmation thereof by the court, no right of redemption or repurchase shall exist in the debtor or the debtor's creditor, but that the title of the purchaser shall be absolute; and
  3. Where it is sold under a deed of trust or mortgage without a judicial sentence, unless the right of redemption is expressly waived by the deed or mortgage; and a waiver of the “equity of redemption,” or a waiver using words of similar import, shall be sufficient to waive the right of redemption afforded by this section in all deeds of trust and mortgages, whether heretofore or hereafter existing.

Code 1858, § 2124 (deriv. Acts 1820, ch. 11, § 2; 1823, ch. 24, § 2; 1832, ch. 36, §§ 1, 2; 1833, ch. 47, § 2; 1842 (E.S.), ch. 6, § 3; 1857-1858, ch. 46, § 1); Shan., § 3811; mod. Code 1932, § 7736; mod. C. Supp. 1950, § 7736; T.C.A. (orig. ed.), § 64-801; Acts 1984, ch. 774, § 1; 1991, ch. 470, § 4.

Cross-References. Deed on redemption, §26-5-113.

Injunction against sale under trust deed or mortgage, title 29, ch. 23, part 2.

Judgment by motion, title 25, ch. 3.

Redemption of property sold to collect on forfeiture of recognizance, §40-11-215.

Right to redeem from sale to enforce vendor's lien, §66-10-105.

Sale on execution, title 26, ch. 5.

Suspension of foreclosure proceeding for active military personnel, §26-1-111.

Tax sales, title 67, ch. 5, part 25.

Textbooks. Gibson's Suits in Chancery (7th ed., Inman), §§ 277, 278, 476.

Tennessee Jurisprudence, 1 Tenn. Juris., Adverse Possession, § 25; 12 Tenn. Juris., Executions, § 48; 21 Tenn. Juris., Redemption of Real Estate Sold for Debt, §§ 2, 5-17, 25, 29; 24 Tenn. Juris., Trusts and Trustees, § 19.

Law Reviews.

Judicial Notice in Tennessee (Robert Banks, Jr. and Elizabeth T. Collins), 21 Mem. St. U.L. Rev. 431 (1991).

Simple Real Estate Foreclosures Made Complex: The Byzantine Tennessee Process (John A. Walker, Jr.), 62 Tenn. L. Rev. 231 (1995).

Tennessee and the Installment Land Contract: A Viable Alternative to the Deed of Trust, 21 Mem. St. U.L. Rev. 551 (1991).

Tennessee Homeowners' Post Foreclosure Auction Right to Cure Under 11 U.S.C. §§ 1322(b) and (c), 27 U. Mem. L. Rev. 453 (1997).

Waiver of Redemption Rights in Tennessee Mortgages: Discarding the Contracts Clause and Common-Law Concepts, 55 Tenn. L. Rev. 733 (1989).

Attorney General Opinions. Constitutionality of waiver provisions, OAG 84-122, 1984 Tenn. AG LEXIS 224 (4/11/84); OAG 84-267, 1984 Tenn. AG LEXIS 80 (9/21/84).


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