Repossession: meaning, definitions and examples

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repossession

[ ˌriːpəˈzɛʃ(ə)n ]

^{Context #1}

legal

The action or process of taking back possession of something, in particular when a buyer defaults on payments.

Synonyms

reacquisition, reclaiming, seizure

Examples of usage

The repossession of the car was necessary after the buyer failed to make payments on time.
The bank initiated repossession procedures after the borrower defaulted on the loan.

^{Context #2}

finance

The act of regaining possession of something, especially in the context of recovering assets from a borrower who has defaulted on a loan.

Synonyms

recapture, recovery, retaking

Examples of usage

The repossession of the house was a last resort for the bank to recover the unpaid debt.
The lender was forced to proceed with repossession due to the borrower's failure to meet the payment obligations.

Translations

Translations of the word "repossession" in other languages:

🇵🇹 reapossessão

🇮🇳 पुनः प्राप्ति

🇩🇪 Rücknahme

🇮🇩 penyitaan kembali

🇺🇦 повернення власності

🇵🇱 przejęcie

🇯🇵 差し押さえ

🇫🇷 reprise de possession

🇪🇸 recuperación

🇹🇷 yeniden sahiplenme

🇰🇷 재소유

🇸🇦 استرجاع

🇨🇿 znovuzískání

🇸🇰 opätovné získanie

🇨🇳 重新占有

🇸🇮 ponovno posedovanje

🇮🇸 endurheimt

🇰🇿 қалпына келтіру

🇬🇪 ხელახლა მფლობელობა

🇦🇿 yenidən sahiblik

🇲🇽 recuperación

Word origin

The term 'repossession' originated from the combination of the prefix 're-' meaning 'back' or 'again' and the word 'possession'. The concept of repossession has been prevalent in various legal and financial contexts, serving as a mechanism for reclaiming assets or properties in cases of default or non-payment. The practice of repossession has evolved over time to establish legal frameworks and procedures governing the process.