Repossessions
/rɪˌpɒzˈɛʃənz/
Definitions
- (n.) The act or process of taking back property by a seller or lender when the buyer fails to meet the terms of the contract, especially nonpayment.
The bank initiated repossessions of vehicles after customers defaulted on their loans.
Forms
- repossess
- repossessed
- repossessing
Related terms
See also
Commentary
Often arises in secured transactions involving collateral; precise procedures depend on jurisdiction and contract terms.
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.