REPOSSESSING Meaning and
Definition
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Repossessing, a gerund form of the verb "repossess," refers to the act of taking back possession or reclaiming ownership of an item or property, often due to default or failure to meet financial obligations. It typically involves a lender, creditor, or financial institution reclaiming assets that were used as collateral for a loan or lease. Repossessing might occur when a borrower fails to make timely payments or breaches the terms agreed upon in a financial contract.
The process of repossessing generally begins with a legal or contractual agreement that allows the creditor to take back the property in question. This can include various assets such as vehicles, real estate, equipment, or other valuable items. Repossession often involves a distinct set of procedures and legal requirements that must be followed, and these can differ based on the jurisdiction and the nature of the agreement.
Once a repossession has taken place, the lender or creditor may choose to sell the repossessed item to recover the outstanding debt. Alternatively, they may renegotiate the terms of the agreement with the borrower to allow for the continuation of possession, albeit with revised conditions.
Repossessing is commonly associated with financial and legal matters and can have significant consequences for both the lender and the individual who has lost possession of the item. It serves as a mechanism to protect the interests of lenders or creditors when borrowers default on their financial obligations.
Top Common Misspellings for REPOSSESSING *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for REPOSSESSING
Etymology of REPOSSESSING
The word "repossessing" is formed by adding the prefix "re-" to the word "possessing". To understand the etymology, we will break down the word further:
1. "Possessing": This word comes from the Latin word "possidere", which is a combination of "potis" meaning "to have power" and "sedere" meaning "to sit". In Latin, "possidere" means "to have in one's control or ownership".
2. "Re-": The prefix "re-" in English is derived from the Latin prefix "re-" or "red-" meaning "again" or "back to" in this context. It implies the act of repetition or restoration.
By combining these elements, "repossessing" is formed.
Similar spelling words for REPOSSESSING
Conjugate verb Repossessing
CONDITIONAL
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FUTURE
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will repossess
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FUTURE PERFECT
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PAST
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PRESENT
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PRESENT PERFECT
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