REPOSSESSION

Repossession

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. Repossession is a "self-help" type of action in which the party having right of ownership of the property in question takes the property back from the party having right of possession without invoking court proceedings. The property is then sold on by either the financial institution or 3rd party sellers. The extent to which repossession is authorized, and how it may be executed, greatly varies in different jurisdictions .

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repossession

Noun

  1. The condition of being repossessed
  2. The act of repossessing


The above text is a snippet from Wiktionary: repossession
and as such is available under the Creative Commons Attribution/Share-Alike License.

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