Webster's English Dictionary

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preemption

pre.emp.tion \-'em(p)-sh*n\ n [ML praeemptus, pp. of praeemere to buy 
   before, fr. L prae- p]re- + emere to buy - more at REDEEM 1a: the right of 
   purchasing before others; esp : one given by the g overnment to the actual 
   settler upon a tract of public land 1b: the purchase of something under 
   this right  2: a prior seizure or appropriation : a taking possession 
   before others