Word of the Day: Redemption
re-demp-tion / rĭ-dĕmp-shən
1. theology, deliverance from sin through the sacrifice of Christ
In him we have redemption through his blood, the forgiveness of sins, in accordance with the riches of God’s grace.
Ephesians 1:7 (NIV)
2. rescue; deliverance from evil or corruption, often through the payment of a ransom
No human being is so bad as to be beyond redemption.
Mahatma Gandhi, 1869 – 1948
3. the act of buying back something that was previously sold
Losing your home in foreclosure is scary, but the right of redemption gives a homeowner time to buy their home back.
“What Does the Right of Redemption Mean in Real Estate?” https://homeguides.sfgate.com/right-redemption-mean-real-estate-96342.html
4. recovery of an item that was pawned or pledged as security
The person presenting a pawn ticket for redemption must be identified by requiring the person to produce an acceptable form of identification unless the person is known and recognized as the pledgor.
Texas Administrative Code, Title 7, Part 5, Chapter 85, Subchapter A, Division 4, Section 85.408(b), Last updated 12/15/2019
5. the payment of a financial obligation, such as a bond or note; or used as a modifier
A bond redemption is the full repayment of the principal amount (the amount you invested) and any interest owed to date.