redeem

transitive verb | \ ri-ˈdēm \ | re·deem

1. a : repurchase

   b : to exchange for something of value

2. a : to free from a lien or pledge usually by payment of the amount secured thereby redeem collateral

   b : 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 effective a 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 redemption

   c : 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

   Note: 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 bond

3. a : to present and have redeemed

   b : to exchange for something of value

   : 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)