- repossession
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re·pos·ses·sion /ˌrē-pə-'ze-shən/ n: the act or an instance of repossessing
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
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A right reserved by the seller in the supply contract or terms and conditions of business whereby the seller can (peacefully) enter premises and reclaim goods under certain stated circumstances.
Easyform Glossary of Law Terms. — UK law terms.
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A creditor's taking of property that has been pledged as collateral for a loan. Vehicles are the type of property most often repossessed: Lenders will repossess cars when the owner has missed loan or lease payments and has not attempted to work with the lender to resolve the problem. The loan contract or lease and state law dictate what a repossessor can and cannot do, but usually a repossessor cannot use force to take a car. A repossession of property will appear on the car owner's credit report for seven years, and he or she will owe the costs of repossession and attorney's fees, as well as the difference between what the lender can sell the car for and what was owed on the loan or lease.Category: Bankruptcy, Foreclosure & Debt → Bankruptcy
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it.
Dictionary from West's Encyclopedia of American Law. 2005.
- repossession
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The taking back of an item that has been sold on credit and delivered to the purchaser because the payments have not been made on it.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
Look at other dictionaries:
Repossession — is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction. Note that repossession is a self help type of action in which the party having right of ownership … Wikipedia
repossession — To recover goods sold on credit when a person fails to pay for those goods. Rules respecting repossession vary from state to state (SA Bankruptcy.com) United Glossary of Bankruptcy Terms 2012 … Glossary of Bankruptcy
Repossession — Re pos*ses sion (r? p?z z?sh ?n or p?s s?sh ?n), n. The act or the state of possessing again. [1913 Webster] … The Collaborative International Dictionary of English
repossession — Taking physical possession of personal property collateral pledged to secure a defaulted loan. American Banker Glossary * * * repossession re‧pos‧ses‧sion [ˌriːpəˈzeʆn] noun [countable, uncountable] FINANCE PROPERTY the act of repossessing… … Financial and business terms
repossession — [[t]ri͟ːpəze̱ʃ(ə)n[/t]] repossessions 1) N VAR The repossession of someone s house is the act of repossessing it. ...the problem of home repossessions. ...families facing repossession of their homes. 2) N COUNT You can refer to a house or car… … English dictionary
repossession — To take back as when a seller or bank or finance company repossesses or takes back an item if the buyer misses an installment payment. To recover goods sold on credit or in installments when the buyer fails to pay for them. U.C.C. No. 9 503. The… … Black's law dictionary
repossession — repossess ► VERB ▪ retake possession of (something) when a buyer defaults on payments. DERIVATIVES repossession noun repossessor noun … English terms dictionary
repossession — noun see repossess … New Collegiate Dictionary
repossession — See repossess. * * * … Universalium
repossession — noun a) The condition of being repossessed b) The act of repossessing … Wiktionary