right of redemption
- 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
- The right of redemption allowed the homeowner to repurchase their home after settling their debts.
- Through exercising her right of redemption, she was able to regain ownership of her vehicle by paying off the outstanding loan.
- The debtor was given a year to utilize his right of redemption to recover his property.
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