REDEMPTION
redemption, n.1. The act or an instance of reclaiming or regaining possession by paying a specific price. [Cases: Secured Transactions 241. C.J.S. Secured Transactions ¡ì 184.]
2. Bankruptcy. A debtor’s right to repurchase property from a buyer who obtained the property at a forced sale initiated by a creditor. [Cases: Bankruptcy 3034. C.J.S. Bankruptcy ¡ì¡ì 111¨C112.]
3. Securities. The reacquisition of a security by the issuer. ? Redemption usu. refers to the repurchase of a bond before maturity, but it may also refer to the repurchase of stock and mutual-fund shares.
¡ª Also termed (in reference to stock) stock redemption; stock repurchase. [Cases: Corporations 82, 376, 468.
1. C.J.S. Corporations ¡ì¡ì 180¨C181, 193¨C195, 561¨C563.]
4. Property. The payment of a defaulted mortgage debt by a borrower who does not want to lose the property. See EQUITY OF REDEMPTION. [Cases: Mortgages 591¨C624. C.J.S. Mortgages ¡ì¡ì 57¨C61, 66¨C67, 565, 991¨C1090, 1092¨C1093.] ¡ª redeemable, redemptive, redemptionaladj. ¡ª redeem, vb.
statutory redemption. The statutory right of a defaulting mortgagor to recover property, within a specified period, after a foreclosure or tax sale, by paying the outstanding debt or charges. ? The purpose is to protect against the sale of property at a price far less than its value. See REDEMPTION PERIOD. [Cases: Mortgages 592. C.J.S. Mortgages ¡ì¡ì 1001¨C1002.]
tax redemption. A taxpayer’s recovery of property taken for nonpayment of taxes, accomplished by paying the delinquent taxes and any interest, costs, and penalties. [Cases: Taxation 695, 725. C.J.S. Taxation ¡ì¡ì 1242, 1346¨C1351.]
What is the preferred translation of the term REDEMPTION by Chinese lawyers?
About LegalLingo