re·pos·ses·sion /ˌrē-pə-'ze-shən/ n: the act or an instance of repossessing

Merriam-Webster’s Dictionary of Law. . 1996.

index redemption, replevin, salvage

Burton's Legal Thesaurus. . 2006

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.

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. . 2009.

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.

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.

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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 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 [ˌriːpəˈzeʆn] 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 Records — is an independent record label based in Pacific Palisades, California. Repossession is run by Gary Ashley, who worked for MCA. Music Repossession represents such bands as SLUNT, The Fight, alston, Dry Kill Logic and Elliot Minor. Links… …   Wikipedia

  • repossession order — UK US noun [C] PROPERTY, LAW ► a legal document that allows a bank or other company to repossess someone s house, car, etc.: »Most lenders waited until payments were three to six months in arrears before seeking repossession orders. »The court… …   Financial and business terms

  • repossession order — repossession orders N COUNT If a bank or building society issues a repossession order, they officially tell someone that they are going to repossess their home. [BRIT] …   English dictionary

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