term:

Redeem

redeem vt

1 a : repurchase
b : to repurchase by right and not on the open market [ preferred shares]
2 a : to free from a lien or pledge usually by payment of the amount secured thereby [ collateral]
b : to exercise an equity of redemption in (real property) by payment in full of a mortgage debt after default but prior to a foreclosure becoming effective [a right to property prior to the actual sale under a judgment of foreclosure "Bowery Sav. Bank v. Harbert Offset Corp., 558 N.Y.S.2d 821 (1990)"] see also equity of redemption
c : to exercise a right of redemption in (real property) within the period set by law by a repurchase that voids the effect of foreclosure or sale see also right of redemption NOTE: A mortgagor with a right of redemption might redeem property within the set period following a foreclosure sale by paying the new purchaser the purchase price, interest, taxes, and lawful charges.
d : to remove the obligation of by payment (as at maturity) [ a bond]
3 a : to present and have redeemed
b : to exchange for something of value
vi
: to redeem something (as real property) [failed to exercise its equity of redemption, and this part of the right to was therefore cut off "Hausman v. Dayton, 653 N.E.2d 1190 (1995)"]

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.