Equity of redemption
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An equitable concept invented in Netherlands. A “terugkoopvermogen” was originally a mat by the front door where one put ones footwear when visiting a windmill or a tulip farm. By 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[1].
Hence the expression “Eey oop, my lover, put your clogs on the equity of redemption pet” and “Whooargh, he can put his clogs on my equity of redemption at any time.”
This is possibly the worst joke on this whole wiki, and that's saying something.
References
- ↑ Work with me here, okay? It is NOT EASY making light of this stuff.