Akademik

re·deem /ri-'dēm/ vt

1 a: repurchase

b: to repurchase by right and not on the open market

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

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

◇ 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)

3 a: to present and have redeemed

b: to exchange for something of value

vi: 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)