REDEMPTION
redemption,n.1. The act or an instance of reclaiming or regaining possession by paying a
specific price. [Cases: Secured Transactions 241.C.J.S. Secured Transactions § 184.]
2.Bankruptcy. A debtor’s right to repurchase property from a buyer who obtained the property at a
forced sale initiated by a creditor. [Cases: Bankruptcy 3034. C.J.S. Bankruptcy §§ 111–112.]
3.Securities. The reacquisition of a security by the issuer. • Redemption usu. refers to the
repurchase of a bond before maturity, but it may also refer to the repurchase of stock and
mutual-fund shares. — Also termed (in reference to stock) stock redemption; stock repurchase.
[Cases: Corporations 82, 376, 468.1. C.J.S. Corporations §§ 180–181, 193–195, 561–563.]
4.Property. The payment of a defaulted mortgage debt by a borrower who does not want to lose
the property. See EQUITY OF REDEMPTION. [Cases: Mortgages 591–624. C.J.S. Mortgages
- § 57–61, 66–67, 565, 991–1090, 1092–1093.] — redeemable, redemptive, redemptionaladj. —
redeem,vb.
statutory redemption.The statutory right of a defaulting mortgagor to recover property, within
a specified period, after a foreclosure or tax sale, by paying the outstanding debt or charges. • The
purpose is to protect against the sale of property at a price far less than its value. See
REDEMPTION PERIOD. [Cases: Mortgages 592. C.J.S. Mortgages §§ 1001–1002.]
tax redemption.A taxpayer’s recovery of property taken for nonpayment of taxes,
accomplished by paying the delinquent taxes and any interest, costs, and penalties. [Cases:
Taxation 695, 725. C.J.S. Taxation §§ 1242, 1346–1351.] [Blacks Law 8th]