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The Rise and Fall of the Doctine of Equity of Redemption Mirrors the Importance of Mortgages and Land To the English Ruling Classes - Discuss.
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THE RISE AND FALL OF THE DOCTINE OF EQUITY OF REDEMPTION MIRRORS THE IMPORTANCE OF MORTGAGES AND LAND TO THE ENGLISH RULING CLASSES DISCUSS Used in exceptional circumstances, the equity of redemption was initially a timid response to a common law that "construed mortgage transaction "strictly and unsympathetically"1. Yet the use of this doctrine rapidly increased under the early guidance of the Lord chancellors Lord Nottingham and Lord Mansfield. The exception became the rule and it was decided that the principles of equity would have the power to cut down the express terms of a contract2. Never in any other branch of Judicial law has such utter disregard been shown for the freedom of contract. Such a principle is often said to be the result of a society and economy that emphasized the importance of the ruling classes and as the significance and power of the aristocracy diminished the inevitable demise of...
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