Legal Definitions - certificate of redemption

Definition: A certificate of redemption is a document issued by a sheriff or other designated officer to a debtor whose property has been foreclosed. It serves as evidence that the debtor has paid the redemption price for the foreclosed property. Redemption refers to the act of reclaiming or regaining possession by paying a specific price.

Examples:

• After John's property was foreclosed, he paid the redemption price and received a certificate of redemption from the sheriff.
• In bankruptcy, a debtor has the right to repurchase property from a buyer who obtained it at a forced sale initiated by a creditor. This is known as redemption.
• When a borrower defaults on a mortgage, they may have the right to redeem the property by paying the outstanding debt or charges within a specified period. This is called statutory redemption.

These examples illustrate how a certificate of redemption is used to prove that a debtor has paid the necessary amount to reclaim their foreclosed property. Redemption can occur in various contexts, such as bankruptcy and mortgages, and may involve different types of payments and timeframes.