The Collaborative International Dictionary of English v.0.48:

Ransom \Ran"som\, v. t. [imp. & p. p. Ransomed (-s[u^]md); 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.
      [1913 Webster]

   2. To exact a ransom for, or a payment on. [R.]
      [1913 Webster]

            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.
      [1913 Webster]

WordNet (r) 3.0 (2006):

ransomed
    adj 1: saved from the bondage of sin [syn: ransomed,
           redeemed]
    2: reclaimed by payment of a ransom