A more thorough explanation:

Statutory redemption is a legal right that allows a borrower to recover their property within a specific period after a foreclosure or tax sale by paying the outstanding debt or charges. This right is granted by law to protect against the sale of property at a price far less than its value.

For example, if a homeowner defaults on their mortgage and the property is foreclosed, they may have a certain amount of time to redeem the property by paying the outstanding debt. This allows them to keep their home and avoid losing it to the lender.

Another example is tax redemption, where a taxpayer can recover their property that was taken for nonpayment of taxes by paying the delinquent taxes, interest, costs, and penalties.