§ 66-8-101 — Right of redemption - Waiver

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.

Legislative History

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.