repossession

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repossession

The actions of a lender to take possession of personal property in which it has a security interest, or the actions of a landlord to take possession of leased premises after default. Repossession may be by court order, or it may be self-help, as when the automobile repo person takes a car in the dead of night. Self-help repossession is generally allowed unless prohibited by specific consumer protection statutes,but it must be accomplished without a breach of the peace. Some courts define “breach of the peace” as shouting, threats of violence, or any sort of public disturbance.Others hold that repossession in the face of the debtor's oral statements to cease and desist is a breach of the peace, but that does not preclude the creditor from returning later to attempt repossession when the debtor is not present.

Repossession

Taking possession of property that was earlier sold on an installment contract because the buyer defaults on payment of the debt.
References in periodicals archive ?
THE number of orders made to repossess homes remained low during the third quarter of the year as cheap mortgages helped keep repayments affordable, new figures have shown.
WHEN bailiffs marched in to repossess Leanne Faulkner's home, they didn't muck about.
Applications by mortgage lenders to repossess homes have fallen to their lowest levels for more than ten years.
At the moment you can't get government help until you've been unable to work for at least nine months - yet many lenders start to repossess when you are two months in arrears.
Experts say the rise is due to lenders being too quick to repossess homes.
The lenders' figures contrasted with data published yesterday by the Lord Chancellor's Department which showed that the number of court actions lenders took to repossess homes rose by 21 per cent in the last quarter of 1998 - the seventh successive quarterly rise.
Administrators, PriceWaterhouseCoopers, have stressed that there are no immediate plans to repossess the cars.
Experts reckon the policies encourage lenders to repossess because they'll be paid out.