Re-demption \Re-demp"tion\ (-sh?n), n. [F. r['e]demption, L. redemptio. See Redeem, and cf. Ransom.]

The act of redeeming, or the state of being redeemed; repurchase; ransom; release; rescue; deliverance; as, the redemption of prisoners taken in war; the redemption of a ship and cargo. Specifically:
   (a) (Law) The liberation of an estate from a mortgage, or the taking back of property mortgaged, upon performance of the terms or conditions on which it was conveyed; also, the right of redeeming and re["e]ntering upon an estate mortgaged. See Equity of redemption, under Equity.
   (b) (Com.) Performance of the obligation stated in a note, bill, bond, or other evidence of debt, by making payment to the holder.
   (c) (Theol.) The procuring of God's favor by the sufferings and death of Christ; the ransom or deliverance of sinners from the bondage of sin and the penalties of God's violated law.

In whom we have redemption through his blood. --Eph. i. 7.

Source: Webster's Revised Unabridged Dictionary (1913)