Redemption in United States

Redemption Definition

(Lat. re, red, back, emptio, a purchase). A purchase back by the seller from the buyer. It is applied to denote the performance of the conditions upon performance of which a conditional sale is to become ineffective as a transfer of title, or, more strictly, a right to demand a reconveyance becomes vested in the seller. In the case of mortgages, this right is a legal right until a breach of conditions, when it becomes an equitable right, and is called the equity of redemption. The term is applied to the statutory right of one whose property is sold at various forced sales other than mortgage foreclosure (e. g., for taxes) to buy the same back within a fixed time, ordinarily for the price paid by the purchaser, with interest and costs.

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Legal Issue for Attorneys

(Lat. re, red, back, emptio, a purchase). A purchase back by the seller from the buyer. It is applied to denote the performance of the conditions upon performance of which a conditional sale is to become ineffective as a transfer of title, or, more strictly, a right to demand a reconveyance becomes vested in the seller. In the case of mortgages, this right is a legal right until a breach of conditions, when it becomes an equitable right, and is called the equity of redemption. The term is applied to the statutory right of one whose property is sold at various forced sales other than mortgage foreclosure (e. g., for taxes) to buy the same back within a fixed time, ordinarily for the price paid by the purchaser, with interest and costs.

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This definition of Redemption is based on The Cyclopedic Law Dictionary. This entry needs to be proofread.

Practical Information

Note: Some of this information was last updated in 1982

1. of Real Estate. The recovery of property given as security for a debt by paying off a note, bond (in U.S. law) or mortgage (in U.S. law). Equity of redemption is the right of a mortgagor to recover (redeem) the property and obtain legal title (in U.S. law) thereto by paying the amount due in full, with interest. of Securities. The exchange of corporate stocks or bonds for cash. Common stock is never “redeemed”; preferred stock may be redeemable; bonds are frequently issued subject to redemption.

(Revised by Ann De Vries)

What is Redemption?

For a meaning of it, read Redemption in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Redemption.

Redemption in State Statute Topics

Introduction to Redemption (State statute topic)

The purpose of Redemption is to provide a broad appreciation of the Redemption legal topic. Select from the list of U.S. legal topics for information (other than Redemption).

Redemption (Estate Property)

This section introduces, discusses and describes the basics of redemption. Then, cross references and a brief overview about Estate Property is provided. Finally, the subject of Bankruptcy Law in relation with redemption is examined. Note that a list of cross references, bibliography and other resources appears at the end of this entry.

Resources

Further Reading

• Information about Redemption in the Gale Encyclopedia of American Law.

Equitable Right of Redemption in the context of Real Estate

Resurces

See Also

• Equity of Redemption