Legal Definitions - redimere

Redimere is a Latin term meaning to buy back or to redeem. In a legal context, it refers to the act of regaining possession or ownership of something, or securing the release of something or someone, typically by making a required payment or fulfilling an obligation.

Here are some examples illustrating the application of "redimere":

• Example 1: Property Foreclosure

  A homeowner falls behind on their mortgage payments, and the bank begins the process of foreclosure. Before the property is sold at auction, the homeowner secures a new loan and pays the bank the entire outstanding debt, including all accrued interest and fees. By making this payment, the homeowner successfully redimeres their property, preventing the foreclosure and regaining full, clear ownership of their home.

  Explanation: This illustrates "redimere" as the act of buying back or redeeming the property by settling the outstanding debt, thereby preventing its loss to the lender.

• Example 2: Pledged Collateral

  A small business owner needs a short-term loan and pledges a valuable piece of manufacturing equipment as collateral. When the loan's term ends, the owner repays the principal amount plus interest to the lender. Upon receiving the full payment, the lender releases their claim on the equipment. The business owner has effectively redimeres the equipment, regaining unencumbered ownership and control over the asset.

  Explanation: Here, "redimere" refers to regaining possession of an asset that was used as security for a loan, by fulfilling the financial obligation to the lender.

• Example 3: Tax Lien on Land

  A landowner neglects to pay their annual property taxes for several years, leading the local government to place a tax lien on their parcel of land. To prevent the property from eventually being sold at a tax auction, the owner pays all overdue taxes, penalties, and interest. This action redimeres the property from the tax lien, removing the government's claim and restoring a clear title to the owner.

  Explanation: This example demonstrates "redimere" as obtaining the release of a property from a legal encumbrance, such as a tax lien, through the required payment.