Redeem

To buy back; to repurchase.

Redeemable.

Obtainable again by purchase. Opposed, irredeemable.

Redemption

Purchasing a thing which the buyer formerly owned; repurchase. Used of the payment of a mortgage debt — whereupon the absolute title to the property becomes revested in the mortgagor; also, by analogy, of the act by which a pledgor pays his debt and receives back the article bailed. Equity of redemption. The privilege in a mortgagor to redeem his property forfeited by default in payment. At common law, when the condition was broken, the estate in the mortgagee became indefeasible. At an early period equity let the mortgagor, within a reasonable time, extendible once or oftener, redeem upon payment of the amount due — the debt being regarded as the principal thing. This equity is a distinct estate from that vested in the mortgagee before or after condition broken, and is descendible, devisable, and alienable like other interests in realty. As a right, it is jealously protected; any limitation is contrary to public policy, and void. Proceedings to foreclose the equity are regulated by statute, and the regulations are part of the mortgage contract.