Galatians 3:13 states: “Christ hath redeemed us from the curse of the law, being made a curse for us: for it is written, Cursed is everyone that hangeth on a tree” (Gal 3:13).
Commenting on this verse, Blessed Theophylact states:
One might argue: “It is true that he who does not fulfill the law is accursed, and that faith justifies. But how do we know that the curse has been lifted? We fear that having once been under the yoke of the law, we still remain under that curse.” Anticipating such an objection, Paul demonstrates that the curse has been removed through Christ. He paid the price by Himself becoming the curse and thereby redeeming us from the condemnation of the law. Christ (in His human nature) escaped that curse by fulfilling the law, but we, unable to fulfill it, were guilty under the law. This is like an innocent man who chooses to die in place of a guilty man condemned to death. Therefore, Christ accepted the curse of being hung from a tree and thereby loosed the curse to which we are liable for not fulfilling the law. This was a curse that lay upon us, but not upon Him, because He fulfilled the law perfectly, committing no sin.
This comment by Blessed Theophylact echoes that of St. John Chrysostom, who centuries earlier stated of this verse:
In reality, the people were subject to another curse, which says, “Cursed is every one that continues not in the things that are written in the book of the Law” (Deuteronomy 27:26). To this curse, I say, people were subject, for no man had continued in, or was a keeper of, the whole Law; but Christ exchanged this curse for the other, Cursed is every one that hangs on a tree. As then both he who hanged on a tree, and he who transgresses the Law, is cursed, and as it was necessary for him who is about to relieve from a curse himself to be free from it, but to receive another instead of it, therefore Christ took upon Him such another, and thereby relieved us from the curse. It was like an innocent man's undertaking to die for another sentenced to death, and so rescuing him from punishment. For Christ took upon Him not the curse of transgression, but the other curse, in order to remove that of others. For, “He had done no violence neither was any deceit in His mouth” (Isaiah 53:9; 1 Peter 2:22). And as by dying He rescued from death those who were dying, so by taking upon Himself the curse, He delivered them from it.
These two comments both agree in the principle of substitution, where the innocent takes the place of the guilty, dying in his place. In the place of the guilty, Christ received a curse in order to die in his place. Christ received the punishment of the curse in the place of the cursed, and so both of these comments agree on the principle of penalty. In this penal substitution both commentators also agree on the principle of atonement, that Christ paid the price of sin, delivering and redeeming sinful man from the law he was guilty of breaking, having Himself fulfilled the law perfectly. Therefore, both commentators agree to Penal Substitutionary Atonement.