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 ?
were members of a vast redemptory force" she powerfully sums up how the Colonialist mentality infected not only the society's leaders but what she calls the "slaves of a mechanized world" who thought it was their "religious destiny" (her words) to bring order back to a "disorganized world.
Like Benjamin, Adorno is concerned with the redemptory function of art in the modern world, which functions to prefigure utopia as reconciliation in the sense of awareness of the non-identical.
The novel's use of narrative connections across time also invokes Walter Benjamin's concept of constellations of past and present as revolutionary, potentially redemptory moments.
So I drive over to the Orlando Kerry campaign headquarters, just off Colonial Boulevard, to do some redemptory volunteering, but the place is crammed with people, and a woman there tells me they've got all the help they need.