335. Loss of right to redeem by sale of equity of redemption.

(8)     Loss of Right to Redeem

335.     Loss of right to redeem by sale of equity of redemption.

The right of redemption is lost on a sale or release of the equity of redemption by the mortgagor to the mortgagee made by a separate transaction subsequent to the mortgage and entirely independent of any bargain contemporaneous with it1, or by a valid sale of the property by process of the court2 or by the mortgagee under his power of sale3. The equity of redemption is extinguished by a contract for sale4.