Redemise

A regranting of land demised or leased. REDEMPTIO (Law Lat.)

In old English law. A Ransom, or fine. St. Marlb. e. 1. Spelman calls it the heaviest' kind of fine {mulcta gravissima), and makes it to be the same with the Saxon "were" or "weregild." REDEMPTION (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.

A regranting of land demised or leased.