repossession
re·pos·sess
R0162900 (rē′pə-zĕs′)| Noun | 1. | repossession - the action of regaining possession (especially the seizure of collateral securing a loan that is in default) |
| 单词 | repossession | |||
| 释义 | repossessionre·pos·sessR0162900 (rē′pə-zĕs′)
repossessionnounRepossessionRepossessionThe 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. repossessionrepossessionThe actions of a lender to take possession of personal property in which it has a security interest, or the actions of a landlord to take possession of leased premises after default. Repossession may be by court order, or it may be self-help, as when the automobile repo person takes a car in the dead of night. Self-help repossession is generally allowed unless prohibited by specific consumer protection statutes,but it must be accomplished without a breach of the peace. Some courts define “breach of the peace” as shouting, threats of violence, or any sort of public disturbance.Others hold that repossession in the face of the debtor's oral statements to cease and desist is a breach of the peace, but that does not preclude the creditor from returning later to attempt repossession when the debtor is not present. Repossessionrepossession
Synonyms for repossession
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