Repossess
/ˌriːpəˈzɛs/
Definitions
- (v.) To take back possession of property, especially by a seller or lender after a default on payment or breach of contract.
The bank can repossess the car if the borrower fails to make payments.
Forms
- repossesses
- repossessed
- repossessing
Related terms
See also
Commentary
Repossess typically involves property reclaim by creditor after debtor's default; often governed by statutes requiring due process to avoid wrongful taking.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.