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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

Repossession

Taking possession of property that was earlier sold on an installment contract because the buyer defaults on payment of the debt.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
References in periodicals archive ?
According to the eviction notice, dated May 18, it is still owned by John Brian Sayers, his father, but it is not clear exactly why it has been repossessed.
"At this stage, nobody is going anywhere and no homes will be repossessed."
Sec 1038 provides special rides for computing gain when a secured seller repossesses real property in satisfaction of debt, and provides for loss nonrecognition.
The decision to repossess the grabbed land and plots was endorsed last year at a Cabinet meeting chaired by Sang.
A BUS driver who lost his job after becoming virtually totally blind fears he is just a month away from having his Birmingham house repossessed. Bill Murdock's life changed forever when one day last October he suddenly lost the sight in his left eye.
Despite telling the manager she had sold the television, she tried to retract that at interview claiming it had already been repossessed.
As the law currently stands, lenders can repossess and sell a property without the permission of either the homeowner or a court.
THE Government today announced plans to close a legal loophole which enables lenders to repossess homes without going to court.
Oregon law clearly gives Wells Fargo Bank the right to repossess collateral to make good on a loan that Country Coach can't repay, the bank's lawyers argued in a legal brief filed Thursday.
They should be cutting interest rates, making loans easier, not rushing to repossess - and not pursuing the unfortunates who do lose their homes.
Woman Representative Janet Nangabo asked the National Land Commission to repossess grabbed land around the stadium to allow the expansion of the facility to accommodate all sporting activities.
The truth is that a vehicle with outstanding finance belongs to the finance house, which has the legal right to repossess that vehicle at any time, without warning, says HPI.