repossession

repossession
Taking physical possession of personal property collateral pledged to secure a defaulted loan. American Banker Glossary

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repossession re‧pos‧ses‧sion [ˌriːpəˈzeʆn] noun [countable, uncountable] FINANCE PROPERTY
the act of repossessing property or goods:

• The court order allows the company to proceed with the repossession.

• an increase in car repossessions

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repossession UK US /ˌriːpəˈzeʃən/ noun also INFORMAL repo) FINANCE, PROPERTY
[C or U] the act of repossessing something: »

The mortgage market has seen a marked increase in repossessions.

»

House prices fell and thousands were left facing repossession.

»

Many banks are accused of being harsh in their repossession policies.

[C] a house that has been taken back by a bank because the owners cannot repay the loan that they took to buy it: »

When the house was sold as a repossession, it fetched just £45,000.


Financial and business terms. 2012.

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Look at other dictionaries:

  • Repossession — is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction. Note that repossession is a self help type of action in which the party having right of ownership …   Wikipedia

  • repossession — re·pos·ses·sion /ˌrē pə ze shən/ n: the act or an instance of repossessing Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. repossession …   Law dictionary

  • repossession — To recover goods sold on credit when a person fails to pay for those goods. Rules respecting repossession vary from state to state (SA Bankruptcy.com) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • Repossession — Re pos*ses sion (r? p?z z?sh ?n or p?s s?sh ?n), n. The act or the state of possessing again. [1913 Webster] …   The Collaborative International Dictionary of English

  • repossession — [[t]ri͟ːpəze̱ʃ(ə)n[/t]] repossessions 1) N VAR The repossession of someone s house is the act of repossessing it. ...the problem of home repossessions. ...families facing repossession of their homes. 2) N COUNT You can refer to a house or car… …   English dictionary

  • repossession — To take back as when a seller or bank or finance company repossesses or takes back an item if the buyer misses an installment payment. To recover goods sold on credit or in installments when the buyer fails to pay for them. U.C.C. No. 9 503. The… …   Black's law dictionary

  • repossession — repossess ► VERB ▪ retake possession of (something) when a buyer defaults on payments. DERIVATIVES repossession noun repossessor noun …   English terms dictionary

  • Repossession Records — is an independent record label based in Pacific Palisades, California. Repossession is run by Gary Ashley, who worked for MCA. Music Repossession represents such bands as SLUNT, The Fight, alston, Dry Kill Logic and Elliot Minor. Links… …   Wikipedia

  • repossession order — UK US noun [C] PROPERTY, LAW ► a legal document that allows a bank or other company to repossess someone s house, car, etc.: »Most lenders waited until payments were three to six months in arrears before seeking repossession orders. »The court… …   Financial and business terms

  • repossession order — repossession orders N COUNT If a bank or building society issues a repossession order, they officially tell someone that they are going to repossess their home. [BRIT] …   English dictionary

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