Repossession
/ˌriːpəˈzɛʃən/
Definitions
- (n.) The act of reclaiming property by a seller or lender from a buyer or borrower after default on payment or contractual obligations.
The bank initiated repossession of the car after the borrower missed several payments.
Forms
- repossessions
Related terms
Commentary
Repossession typically requires compliance with legal procedures to avoid claims of unlawful 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.