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Repossession: meaning, definitions and examples

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repossession

 

[ ˌriːpəˈzɛʃ(ə)n ]

Noun
Context #1 | Noun

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 | Noun

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

Etymology

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.

See also: dispossess, dispossessed, possess, possessed, possessing, possession, possessions, possessive, possessor, possessors, repossess, repossessing.

Word Frequency Rank

At rank #27,892, this word represents specialized academic or technical vocabulary. It's less frequently encountered but may be valuable in specific contexts.