redeem

from The American Heritage® Dictionary of the English Language, 5th Edition.

• transitive verb To recover ownership of by paying a specified sum.
• transitive verb To pay off (a promissory note, for example).
• transitive verb To turn in (coupons, for example) and receive something in exchange.
• transitive verb To convert into cash.
• transitive verb To fulfill (a pledge, for example).
• transitive verb To set free, as from slavery or kidnapping, by providing money or other compensation.
• transitive verb To save (a person or soul) from a state of sinfulness and its consequences. synonym: save.
• transitive verb To restore the honor, worth, or reputation of.
• transitive verb To atone for (an error or mistake).
• transitive verb To serve as compensation for; make up for.

from The Century Dictionary.

• To buy back; recover by purchase; repurchase.
• Specifically— In law, to recover or disencumber, as mortgaged property, by payment of what is due upon the mortgage.
• In com., to receive back by paying the obligation, as a promissory note, bond, or any other evidence of debt given by a corporation, company, or individual.
• To ransom, release, or liberate from captivity or bondage, or from any obligation or liability to suffer or be forfeited, by paying an equivalent: as, to redeem prisoners, captured goods, or pledges.
• To rescue; deliver; save, in general.
• In theology, to deliver from sin and spiritual death by means of a sacrifice offered for the sinner. See redemption .
• To perform or fulfil, as a promise; make good by performance: as, to redeem an obligation.
• To make amends for; atone for; compensate for.
• To improve, or employ to the best advantage.
• To restore; revive.

from the GNU version of the Collaborative International Dictionary of English.

• transitive verb To purchase back; to regain possession of by payment of a stipulated price; to repurchase.
• transitive verb (Law) To recall, as an estate, or to regain, as mortgaged property, by paying what may be due by force of the mortgage.
• transitive verb (Com.) To regain by performing the obligation or condition stated; to discharge the obligation mentioned in, as a promissory note, bond, or other evidence of debt.
• transitive verb To ransom, liberate, or rescue from captivity or bondage, or from any obligation or liability to suffer or to be forfeited, by paying a price or ransom; to ransom; to rescue; to recover.
• transitive verb (Theol.) Hence, to rescue and deliver from the bondage of sin and the penalties of God's violated law.
• transitive verb To make good by performing fully; to fulfill
• transitive verb To pay the penalty of; to make amends for; to serve as an equivalent or offset for; to atone for; to compensate.
• transitive verb to make the best use of it.

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• verb transitive To recover ownership of something by paying a sum.
• verb transitive To liberate by payment of a ransom.
• verb transitive To set free by force.
• verb transitive To save, rescue
• verb transitive To clear, release from debt or blame
• verb transitive To expiate, atone (for ...)
• verb finance (transitive) To convert (some bond or security) into cash
• verb transitive To save from a state of sin (and from its consequences).
• verb transitive To repair, restore
• verb transitive To reform, change (for the better)
• verb transitive To restore the reputation or honour of oneself or something.
• verb archaic (transitive) To reclaim

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• verb restore the honor or worth of
• verb exchange or buy back for money; under threat
• verb convert into cash; of commercial papers
• verb pay off (loans or promissory notes)
• verb to turn in (vouchers or coupons) and receive something in exchange
• verb save from sins