redemption
- The process by which a debtor retrieves property or goods by paying off a debt, thus obtaining legal title to the collateral, often seen in bankruptcy or foreclosure situations
- After filing Chapter 7 bankruptcy, he sought redemption of his car by paying off the loan.
- The state statutes allowed her the right of redemption to refinance and pay off her original mortgage and thus save her house from foreclosure.
- To avoid losing his home, he acted on his right of redemption and cleared the outstanding amount on his mortgage.
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