The Law Dictionary

Home » Law Dictionary » R » REPOSSESSION

REPOSSESSION

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

The act of a creditor taking back property that was pledged as a security or collateral for a loan. Most common is the repossession of cars when a lender has missed loan payments and has not resolved the issue. A repossessor cannot use force against you to take your car but can take other actions, such as towing or moving it out of the lender’s driveway without authorization.

Related Posts:

Filed Under: R

Add a New Legal Term

Can't find the legal word, term, phrase or abbreviation that you're seeking in our dictionary? Add or request a definition by filling out the short form below!

Add Dictionary Term
Sending
Legal Disclaimer: The content appearing on our website is for general information purposes only. When you submit a question or make a comment on our site or in our law forum, you clearly imply that you are interested in receiving answers, opinions and responses from other people. The people providing legal help and who respond are volunteers who may not be lawyers, legal professionals or have any legal training or experience. The law is also subject to change from time to time and legal statutes and regulations vary between states. It is possible that the law may not apply to you and may have changed from the time a post was made. All information available on our site is available on an "AS-IS" basis. It is not a substitute for professional legal assistance. Before making any decision or accepting any legal advice, you should have a proper legal consultation with a licensed attorney with whom you have an attorney-client privilege. For purposes of New York and New Jersey State ethics rules, please take notice that this website and its case reviews may constitute attorney advertising.