- redeem
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re·deem /ri-'dēm/ vt1 a: repurchaseb: to repurchase by right and not on the open marketredeem preferred shares2 a: to free from a lien or pledge usu. by payment of the amount secured therebyredeem collateralb: to exercise an equity of redemption in (real property) by payment in full of a mortgage debt after default but prior to a foreclosure becoming effectivea right to redeem property prior to the actual sale under a judgment of foreclosure — Bowery Sav. Bank v. Harbert Offset Corp., 558 N.Y.S.2d 821 (1990) see also equity of redemptionc: to exercise a right of redemption in (real property) within the period set by law by a repurchase that voids the effect of foreclosure or sale see also right of redemption◇ A mortgagor with a right of redemption might redeem property within the set period following a foreclosure sale by paying the new purchaser the purchase price, interest, taxes, and lawful charges.d: to remove the obligation of by payment (as at maturity)redeem a bond3 a: to present and have redeemedb: to exchange for something of valuevi: to redeem something (as real property)failed to exercise its equity of redemption, and this part of the right to redeem was therefore cut off — Hausman v. Dayton, 653 N.E.2d 1190 (1995)
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
- redeem
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I
(repurchase) verb
buy back, deliver, emancipate, get back, liberate, obtain, ransom, recall, recapture, reclaim, recoup, recover, regain, release, replevin, replevy, repossess, rescue, retrieve
associated concepts: right to redeem
II
(satisfy debts) verb
absolve, atone, compensate, do penance, expiate, give satisfaction, make amends, make up for, offset bad debts, propitiate, reform, satisfy, set straight, shrive, turn from sin
III
index
buy, collect (recover money), cure, defray, discharge (pay a debt), disenthrall, extricate, free, fulfill, indemnify, liberate, liquidate (convert into cash), outbalance, pardon, purchase, purge (wipe out by atonement), reclaim, recoup (regain), recover, reform, refund, rehabilitate, renovate, repossess, rescue, restore (return), save (conserve)
Burton's Legal Thesaurus. William C. Burton. 2006
- redeem
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v.To buy something back; to exchange a coupon or negotiable instrument for money; to clear a debt, such as a mortgage; for a corporation to buy back its own stock.n.redemption
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
- redeem
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To buy back property, as when a homeowner pays off a mortgage. (This typically happens when the homeowner faces foreclosure and pays off the original mortgage by refinancing or when someone in bankruptcy pays off a loan to keep an item of property.) A person who has pawned a possession may redeem the item by paying the loan and interest to the pawnbroker. (See also: redemption)Category: Bankruptcy, Foreclosure & Debt → BankruptcyCategory: Bankruptcy, Foreclosure & Debt → ForeclosureCategory: Real Estate & Rental Property
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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v.to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (because of failure to make payments when due) has begun. A person who has pawned a possession may redeem the item by paying the loan and interest to the pawnbroker.
Law dictionary. EdwART. 2013.
