Redeem

See "Redemption."

To purchase back; to regain, as mortgaged property by paying what is due; to receive back by paying the obligation. Miller v. Ratterman, 47 Ohio St. 156, REDEMPTION (Lat. re, ^ack, emptio t a purchase). A purchase back by the seller from the buyer. It is applied to denote the performance of th£ 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. See Mortgage; Equity of Redemption; [1914] A. C. 25. REDEMPTI0NES (Lat.). Heavy fines. Distinguished from Misericordia* which see.

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.

To buy back; to repurchase. Redeemable: that which one has the right to buy back. Redeemed: bought back; repurchased. Redemption: the buying back or repurchasing something which one previously owned and parted with. These words have been particularly applied to the mortgagor's paying the mortgage debt, and obtaining the mortgaged property back again, free and clear of the incumbrance. This use grew naturally out of the former views of the nature of mortgage (q. v.), by which the lands were viewed as conveyed conditionally, and absolutely afterwards, to the mortgagee; and they were very appropriately and properly descriptive of the mortgagor's right to go into equity to redeem a forfeited estate, and demand a reconveyance; for this was really a repurchase, — a buying of the lands back again. These descriptive words yet survive, and are in general use, although the ideas they once represented have become obsolete in most of the states. Kortright v. Cady, 21 N. Y. 343, 365. Mortgage is not generally treated at the present day as a conveyance of the fee, but is regarded as an incumbrance or security only. But the change has made no difference in the use of "redeem" and its inflections. Analogously, the words are frequently used of the transaction by which a pledgor pays his debt and takes back the pawn. To do this is to redeem the thing pledged. "Redeemable" and "redemption" were held equivalent to "payable" and "payment," when used in a contract pledging stocks for security of a debt, in Swasey v. North Carolina R. Co.