WordNet-Online
Free dictionary and thesaurus of English. Definitions, synonyms, antonyms and more...
Hint: double-click any word to get it searched!

Google
 

repossession

 

Definitions from WordNet

Noun repossession has 1 sense
  1. repossession - the action of regaining possession (especially the seizure of collateral securing a loan that is in default)
    --1 is a kind of
    recovery, retrieval
    Derived form: verb repossess2

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:

  1. 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.


  2. 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.

Related Products:

repositioning repositions repositories repository reposseing repossess repossessed repossessing repossession repossessions repost reposte reposted repot repotory repoty repour

Sponsored (shop thru our affiliate link to help maintain this site):

WordNet-Online
Home | Free dictionary software | Copyright notice | Contact us | WordNet dictionary | Automotive thesaurus