Redemption

A repurchase; a buying back. The act of a vendor of property in buying it back again from the purchaser at the same or an enhanced price. The right of redemption is an agreement or paction, by which the vendor reserves to him self the power of taking back the thing sold by returning the price paid for it. Oivil Co.de La. art 2507. The process of annulling and revoking a conditional sale of property, by performance of the conditions on winch it was stipulated to be revocable. The process of cancelling and annulling a defeasible title to land, such as is created by a mortgage or a tax-sale, by paying the debt or fulfilling the other conditions. The liberation of a chattel from pledge or pawn, by paying the debt for which it stood as security. Repurchase of notes, bills, or other evidences of debt, (particularly bank-notes and paper-money,) by paying their value in coin to their holders.

— Redemption, equity of. See EQUITY OF Redemption.

— Redemption of land-tax. In English law. The payment by the landowner of such a lump sum as shall exempt his land from the land-tax. Mozley & Whitley.

— Voluntary redemption, in Scotch law. when a mortgagee receives the sum due into his own hands, and discharges the mortgage, without any consignation. Bell.