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, 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 ?
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.
However, in this authoritarian system, the literary word also attained godly if not redemptory dimensions, since it embodied a deliberate resistance to the communist state.
In the Utopian, forgiving and overall (but only overall) redemptory
Moreover, what further distinguishes these artists from their parents' generation is their categorical rejection of art's traditional redemptory function in the face of catastrophe.