re-demption

from The Century Dictionary.

• noun See the extract.
• noun The act of redeeming, or the state of being redeemed; ransom; repurchase; deliverance; release: as, the redemption of prisoners of war, of captured goods, etc.
• noun Specifically— In law, the recovering or disencumbering of property by one who had a right to it subject to the encumbrance or defeasible conveyance, as where a debtor by paying his debt gets back a pledge or a mortgaged estate; also, the right of redeeming and reëntering.
• noun In com., payment to the holders by the issuer of notes, bills, or other evidences of debt.

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

• noun (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 reëntering upon an estate mortgaged. See Equity of redemption, under equity.
• noun (Com.) Performance of the obligation stated in a note, bill, bond, or other evidence of debt, by making payment to the holder.
• noun (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.

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

• noun (theology) the act of delivering from sin or saving from evil
• noun repayment of the principal amount of a debt or security at or before maturity (as when a corporation repurchases its own stock)
• noun the act of purchasing back something previously sold