Equity of redemption: Difference between revisions

{{a|g|[[File:Dutch door mat.jpg|thumb|450px|center|A dutch door mat, or “terugkoopvermogen” yesterday]]

[[File:Clogs.jpg|thumb|450px|center|Some clogs yesterday]]}}The [[equity of redemption]] is a concept developed by the courts of chancery from an old Dutch {{t|metaphor}}. In the 19th century, a “''terugkoopvermogen''” was a multi-purpose brush mat. By tradition, a Dutch tulip farmer (or miller) expecting guests would lay one at the front door as a place for visitors to put their footwear when visiting.  

As long as there were visitors, the ''terugkoopvermogen'' could not be otherwise used: there were clogs on it. Once all the visitors had left, taking their [[clogs]] with them, the farmer was able to take the mat back and put it to a better use.  

The mistranslation occurred when mediocre librettist [[Otto Büchstein]] stayed with just such a farmer on his way visit King George. “''Terugkoop vermogen''” translates literally in English as “redemption equity”.

By {{t|metaphor}} this was extended to the residual value of an asset to its pledgor once all liabilities against which it was pledged had been satisfied.<ref>Work with me here, okay? It is NOT EASY making light of this stuff.</ref>  

Hence the expression “Eey oop, my lover, put your [[Clog on the equity of redemption|clogs]] on the [[equity of redemption]] pet” and “Whooargh, he can put his [[Clog on the equity of redemption|clogs]] on my [[equity of redemption]] ''any time''.”

This is possibly the worst joke on this whole wiki, and that’s saying something.