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From The Collaborative International Dictionary of English v.0.48:
Redeem \Re*deem"\ (r?*d?m"), v. t. [imp. & p. p. Redeemed. (-d?md"); p. pr. & vb. n. Redeeming.] [F. r['e]dimer, L. redimere; pref. red-, re- re- + emere, emptum, to buy, originally, to take, cf. OIr. em (in comp.), Lith. imti. Cf. Assume, Consume, Exempt, Premium, Prompt, Ransom.] 1. To purchase back; to regain possession of by payment of a stipulated price; to repurchase. [1913 Webster] If a man sell a dwelling house in a walled city, then he may redeem it within a whole year after it is sold. --Lev. xxv. 29. [1913 Webster] 2. Hence, specifically: (a) (Law) To recall, as an estate, or to regain, as mortgaged property, by paying what may be due by force of the mortgage. (b) (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; as, to redeem bank notes with coin. [1913 Webster] 3. 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; as, to redeem a captive, a pledge, and the like. [1913 Webster] Redeem Israel, O God, out of all his troubles. --Ps. xxv. 22. [1913 Webster] The Almighty from the grave Hath me redeemed. --Sandys. [1913 Webster] 4. (Theol.) Hence, to rescue and deliver from the bondage of sin and the penalties of God's violated law. [1913 Webster] Christ hath redeemed us from the curse of the law, being made a curse for us. --Gal. iii. 13. [1913 Webster] 5. To make good by performing fully; to fulfill; as, to redeem one's promises. [1913 Webster] I will redeem all this on Percy's head. --Shak. [1913 Webster] 6. To pay the penalty of; to make amends for; to serve as an equivalent or offset for; to atone for; to compensate; as, to redeem an error. [1913 Webster] Which of ye will be mortal, to redeem Man's mortal crime? --Milton. [1913 Webster] It is a chance which does redeem all sorrows. --Shak. [1913 Webster] To redeem the time, to make the best use of it. [1913 Webster]