redemption Hear it!

redemption definition - legal

n

A reclaiming or rebuying something by virtue of paying off a debt or settling some other predetermined condition of ownership; a buying back of its outstanding stock by a corporate entity; the right of a debtor to buy back property from someone who bought it at a creditor-initiated forced sale.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.