redemption

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Redemption

The liberation of an estate in real property from a mortgage.

Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions.

redemption

n. the act of redeeming, buying back property by paying off a loan, interest and any costs of foreclosure. (See: redeem)

redemption

noun deliverance, indemnification, recovery, release, reparation, replevin, repossession, repurchase, rescue, restoration, retrieval, return, salvation
Associated concepts: right of redemption
See also: discharge, freedom, indemnification, indemnity, liberation, payment, progress, ransom, recovery, rehabilitation, replevin, restitution, salvage

REDEMPTION, contracts. The act of taking back by the seller from the buyer a thing which had been sold subject to th right of repurchase.
     2. The right of redemption then is an agreement by which the seller reserves to himself the power of taking back the thing sold by returning the price paid for it. As to the fund out of which a mortgaged estate is to be redeemed, see Payment. Vide Equity of redemption.

References in periodicals archive ?
However, I solemnly promise not to bore you to death with rants about cellulite, diets or all the wild andwacky things I get up to at the weekends, mainly because mybody is past redemption and due to a drought of babysitters I have the social life of a category A prisoner at Barlinnie.
John Gerard says betting shop punters are past redemption
Now, either she is thick past redemption or she has never been properly taught the basics of grammar.

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