Definition - Transitive Verb
1 a  : See also repurchase
b  : to repurchase by right and not on the open market <~ preferred shares>
2 a  : to free from a lien or pledge usu. by payment of the amount secured thereby <~ 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 ~ 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
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) <~ 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 ~ was therefore cut off ­Hausman v. Dayton, 653 N.E.2d 1190 (1995)>

Pronunciation Key

  • \&\ as a and u in a b ut
  • \[^&]\ as e in kitt en
  • \&r\ as ur and er in f urther
  • \a\ as a inash
  • \A\ as a in ace
  • \?\ as o in m op
  • \au\ as ou in ou t
  • \ch\ as ch in ch in
  • \e\ as e in bet
  • \E\ as ea in easy
  • \g\ as g in go
  • \i\ as i in hit
  • \I\ as i in ice
  • \j\ as j in job
  • \[ng]\ as ng in sing
  • \O\ as o in go
  • \o\ as aw in law
  • \oi\ as oy in boy
  • \th\ as th in thin
  • \[th_]\ as thin the
  • \?\ as oo in loot
  • \u\ as oo in foot
  • \y\ as y in yet
  • \zh\ as si in vision

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Based on Merriam-Webster's Dictionary of Law ©2001.
Merriam-Webster, Incorporated
Published under license with Merriam-Webster, Incorporated.