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From: Webster's Revised Unabridged Dictionary (1913)

 Re·deem v. t. [imp. & p. p. Redeemed. (-d░md"); p. pr. & vb. n. Redeeming.]
 1. To purchase back; to regain possession of by payment of a stipulated price; to repurchase.
    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.
 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.
 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.
    Redeem Israel, O God, out of all his troubles.   --Ps. xxv. 22.
 The Almighty from the grave
 Hath me redeemed.   --Sandys.
 4. Theol. Hence, to rescue and deliver from the bondage of sin and the penalties of God's violated law.
    Christ hath redeemed us from the curse of the law, being made a curse for us.   --Gal. iii. 13.
 5. To make good by performing fully; to fulfill; as, to redeem one's promises.
    I will redeem all this on Percy's head.   --Shak.
 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.
 Which of ye will be mortal, to redeem
 Man's mortal crime?   --Milton.
    It is a chance which does redeem all sorrows.   --Shak.
 To redeem the time, to make the best use of it.