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 victim had connected the vehicle to the tow truck when he was approached by Peters and Torres, who screamed at him not to repossess their car, Ullman said.
Summary: The Government has announced plans to close a legal loophole which enables lenders to repossess people's homes without going to court.
But it also called for the FSA to clamp down on irresponsible lenders who advance unaffordable mortgages to consumers and are quick to repossess their properties when they get into arrears.
Helen Goodsall, from AA Car Data Check, said: "In the worst scenario, the finance company can simply repossess the car, and the buyer may have no comeback at all.
WHEN bailiffs marched in to repossess Leanne Faulkner's home, they didn't muck about.
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 they didn't, Ford Credit decided to repossess the car.
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.