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Simple English definitions for legal terms
redeem
Read a random definition: writ of audita querela
A quick definition of redeem:
Redeem means to buy back something that was previously owned or to pay off a debt. There are different ways to redeem things depending on the situation. For example, if someone loses their house because they couldn't pay their mortgage, they may be able to redeem it by paying off the debt after the foreclosure. In another situation, if someone owns a bond that pays them interest and they want to get their money back early, they can redeem the bond by getting a lump sum payment.
A more thorough explanation:
Redeem has multiple definitions:
In bankruptcy, redeem means the debtor’s right to buy back property they previously owned but another acquired in a forced sale by a creditor. For example, if a debtor's car was repossessed and sold by the creditor, the debtor may have the right to buy it back by paying the creditor the full amount owed on the car loan. This is called redeeming the property.
In securities law, redeem means the repayment of a fixed-income security (e.g. bond) at or before the maturity date. For example, if a corporation issues a bond with a maturity date of January 1st, 2030, a holder of the bond may choose to redeem it before that date in exchange for a lump sum payment.
In real property law, redeem means the debtor’s payment on a defaulted mortgage after foreclosure so that the debtor can eventually regain possession of their property. For example, if a homeowner defaults on their mortgage and their home is foreclosed, they may have the right to redeem the property by paying the full amount owed on the mortgage within a certain amount of time after the foreclosure sale.
Overall, redeem means to regain possession or ownership of something by paying a certain amount of money or fulfilling certain conditions.