Definitions for repossession
re·pos·ses·sion

Princeton's WordNetRate this definition:0.0 / 0 votes

1. repossessionnoun

   the action of regaining possession (especially the seizure of collateral securing a loan that is in default)

WiktionaryRate this definition:0.0 / 0 votes

1. repossessionnoun

   The condition of being repossessed

2. repossessionnoun

   The act of repossessing

WikipediaRate this definition:0.0 / 0 votes

1. Repossession

   Repossession, colloquially repo, is a "self-help" type of action, mainly in the United States, 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 may then be sold by either the financial institution or third party sellers.The extent to which repossession is authorized, and how it may be executed, greatly varies in different jurisdictions (see below). When a lender cannot find the collateral, cannot peacefully obtain it through self-help repossession, or the jurisdiction does not allow self-help repossession, the alternative legal remedy to order the borrower to return the goods (prior to judgment) is replevin. The security interest over the collateral is often known as a lien. The lender/creditor is known as the lienholder.

ChatGPTRate this definition:0.0 / 0 votes

1. repossession

   Repossession refers to the action of a financial institution or a lender taking back ownership of a property or asset from the borrower who has failed to meet the terms of their loan agreement, typically due to defaulting on payments. This can apply to various assets such as vehicles, real estate, and other forms of personal property. The repossessed asset is usually sold to recover the remaining loan balance.

Webster DictionaryRate this definition:0.0 / 0 votes

1. Repossessionnoun

   the act or the state of possessing again

WikidataRate this definition:0.0 / 0 votes

1. 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.

Matched Categories

1. • Recovery

Anagrams for repossession »

1. possessioner

How to pronounce repossession?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say repossession in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of repossession in Chaldean Numerology is: 7

2. Pythagorean Numerology

   The numerical value of repossession in Pythagorean Numerology is: 2

Popularity rank by frequency of use

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=repossession
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Repossession
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Repossession
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Webster Dictionary
   https://www.merriam-webster.com/dictionary/repossession
6. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=repossession