right of redemption

Definition of "right of redemption"
  1. Right granted to a debtor allowing them to reclaim ownership of an asset by removing a lien, debt, or charge, usually through repayment of the amount owed to the creditor to free the collateral
How to use "right of redemption" in a sentence
  1. The right of redemption allowed the homeowner to repurchase their home after settling their debts.
  2. Through exercising her right of redemption, she was able to regain ownership of her vehicle by paying off the outstanding loan.
  3. The debtor was given a year to utilize his right of redemption to recover his property.

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