Right Of Redemption
right of redemption: the right to regain ownership of property by freeing it from a debt, charge, or lien (as by paying to the creditor what is due to release the secured property)
: a mortgagor's statutory right to redeem after a judicial foreclosure and sale
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.