been made. The courts of equity, nonetheless, recognised that the mortgagor had not merely a contractual interest in the property but a proprietary one known as the equity of redemption, such that the mortgagor could redeem the property in equity even if he could no longer do so under the terms of contract. The language of "foreclosure" of mortgage originates from the equity, with the mortgagee retaining the eventual ability to "foreclose the prospect of redemption".

By the mid-20th century,