Redemption

A procedure in a Chapter 7 case whereby a debtor removes a secured creditor's lien on collateral by paying the creditor the value of the property. The debtor may then retain the property.

Additional Sources

Answers.com

The liberation of an estate in real property from a mortgage.

Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions.

Duhaime Legal Dictionary

Buying back. When a vendor later buys the property back.

A right of redemption gives the vendor the right to buy back the property.

In some jurisdictions where a mortgage transfers title to the lender until the mortgage is paid off, the "buying back" of the property is known as redemption.

Law.com Dictionary

n. the act of redeeming, buying back property by paying off a loan, interest and any costs of foreclosure.

Lect Law Library

REDEMPTION - The act of taking back by the seller from the buyer a thing which had been sold subject to thE right of repurchase.

The right of redemption then is an agreement by which the seller reserves to himself the power of taking back the thing sold by returning the price paid for it.