redemption

  • 1.

    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.

    United States Court of Appeals for the Ninth Circuit 1
  • 2.

    The act of reclaiming property which had been taken for nonpayment of taxes. Redemption is allowed if delinquent taxes and all related interest, costs, and penalties are paid within the prescribed period of time.

    Oregon Secretary of State Archives Division 2

1United States Court of Appeals for the Ninth Circuit, Commonly Used Terms - U.S. Courts, http://­www.ca9.uscourts.gov/­content/­view.php?pk_id=0000000237 (last accessed May 28, 2009).

2Oregon Secretary of State Archives Division, Oregon Historical County Records Guide: Glossary of Terms, http://­www.sos.state.or.us/­archives/­county/­cpglossary.html (last accessed May 27, 2009).