Definitions from the Web
Repossession
Definition:
Repossession is the act of taking back possession of an item, typically a property or a vehicle, by a lender or creditor due to non-payment or default on a loan or lease agreement.
Senses and Usages:
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As a Noun:
Repossession refers to the action of reclaiming an item after the borrower fails to fulfill their financial obligations.
Example sentence: The bank had to initiate repossession after the homeowner failed to make mortgage payments for several months.
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As a Verb:
To repossess (verb) means to legally take back possession of an item, usually through a process authorized by a court or contract.
Example sentence: The finance company decided to repossess the car when the borrower consistently missed loan payments.
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