REPOSSESSION Meaning and
Definition
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Repossession is a noun that refers to the act of taking back possession or control of something, typically valuable assets or property, due to the failure of the original owner or borrower to fulfill their contractual obligations, usually related to repayments or debt. It involves the legal process through which an individual or entity with a legal claim to the property takes back its ownership, often because the original owner has defaulted on loan payments or breached an agreement.
In the context of financial transactions, repossession most commonly occurs when the owner of a mortgaged property or a loan defaults on their payments or fails to comply with the terms outlined in the lending contract. The lender, typically a bank or a financial institution, has the right to recover the property or asset and sell it to recover the outstanding debt. The repossession process usually involves formal legal procedures, such as court action or issuance of repossession orders.
Repossession commonly takes place with assets such as vehicles, real estate, or valuable personal belongings. The aim is to reclaim the item, recover the outstanding amount, and minimize the lender's financial loss. It is important to note that repossession is a legal action carried out based on the terms and conditions agreed upon in the initial lending or leasing agreement.
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The act of possessing again.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
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Other Common Misspellings for REPOSSESSION
Etymology of REPOSSESSION
The word "repossession" is derived from the combination of two Latin roots: "re" meaning "again" and "possidere" meaning "to possess". The term "repossession" was borrowed into English from the Old French word "repasser", which meant "to pass back" or "to put back in possession". Over time, the meaning of the word evolved to refer to the act of taking back or reclaiming something, typically pertaining to the lawful recovery of property by its owner or a creditor due to non-payment or default.
Similar spelling word for REPOSSESSION
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