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What does "repossession" mean in legal documents? Repossession is a legal term that refers to a creditor taking back possession of an item that was used as collateral for a loan. This happens when the borrower, also known as the "debtor," fails to make the required payments on the loan.
Jun 6, 2024 · Here you will learn about the basics of creditor’s rights of repossession in secured debts including what repossession is, what property may subject to repossession, and much more. So what exactly is repossession and how does it happen?
Repossession is the act of reclaiming possession of a property or item that was previously transferred to another person under a contract or agreement. The term is commonly used in the context of loans or hire purchase agreements, where the lender or finance company reclaims the property or item when the borrower has failed to meet their ...
The meaning of REPOSSESSION is the act or an instance of repossessing.
Repossession, commonly referred to as 'taking back,' is the legal process where a lender or creditor reclaims possession of an asset, such as a car or home, from a borrower who has failed to make the required payments.
Repossession. 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. For example, if an individual fails to render prompt payments on a new car, the car might be subject to repossession by the finance company, which has extended the credit.
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Find the legal definition of REPOSSESSION from Black's Law Dictionary, 2nd Edition. 1. Voluntary or forced surrender of goods to the owner due to the inability to pay for them. 2. Legal process where the lender takes back property or...
