- 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.
- repossession
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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.
- repossession
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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.
- 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.
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.
