Source : Webster's Revised Unabridged Dictionary (1913)

Ransom \Ran"som\, v. t. [imp. & p. p. {Ransomed}; p. pr. & vb.
   n. {Ransoming}.] [Cf. F. ran[,c]onner. See {Ransom}, n.]
   1. To redeem from captivity, servitude, punishment, or
      forfeit, by paying a price; to buy out of servitude or
      penalty; to rescue; to deliver; as, to ransom prisoners
      from an enemy.

   2. To exact a ransom for, or a payment on. [R.]

            Such lands as he had rule of he ransomed them so
            grievously, and would tax the men two or three times
            in a year.                            --Berners.

Ransom \Ran"som\, n. [OE. raunson, raunsoun, OF. ran[,c]on,
   raen[,c]on, raan[,c]on, F. ran[,c]on, fr. L. redemptio, fr.
   redimere to redeem. See {Redeem}, and cf. {Redemption}.]
   1. The release of a captive, or of captive, or of captured
      property, by payment of a consideration; redemption; as,
      prisoners hopeless of ransom. --Dryden.

   2. The money or price paid for the redemption of a prisoner,
      or for goods captured by an enemy; payment for freedom
      from restraint, penalty, or forfeit.

            Thy ransom paid, which man from death redeems.
                                                  --Milton.

            His captivity in Austria, and the heavy ransom he
            paid for his liberty.                 --Sir J.
                                                  Davies/.

   3. (O. Eng. Law) A sum paid for the pardon of some great
      offense and the discharge of the offender; also, a fine
      paid in lieu of corporal punishment. --Blackstone.

   {Ransom bill} (Law), a war contract, valid by the law of
      nations, for the ransom of property captured at sea and
      its safe conduct into port. --Kent.

Source : WordNet®

ransom
     n 1: money demanded for the return of a captured person [syn: {ransom
          money}]
     2: payment for the release of someone
     3: the act of freeing from captivity or punishment
     v : exchange or buy back for money; under threat [syn: {redeem}]