Always cite or provide your legal basis in the answering the following matters.

1. Distinguish equity of redemption and right of redemption.

(A) Coleen borrowed money from Kyla and gave a piece of land as security by way of mortgage. It was expressly agreed between the parties in the mortgage contract that upon non-payment of the debt on time by Coleen, the mortgaged land would already belong to Kyla. If Coleen defaulted in paying, would Kyla now become the owner of the mortgaged land? Why?

(B). Suppose in the preceding question, the agreement between Coleen and Kyla was that if Coleen failed to pay the mortgage debt on time, the debt shall be paid with the land mortgaged by Coleen to Kyla. Would your answer by the same as in the preceding question? Explain.